The European Central Bank has raised interest rates for the tenth consecutive time
Frankfurt, September 14th (Xinhua) - The European Central Bank held a monetary policy meeting on September 14th and decided to raise all three key interest rates in the eurozone by 25 basis points. This is the tenth consecutive rate hike by the European Central Bank since July last year.
The European Central Bank announced on the same day that it will raise the main refinancing rate, marginal lending rate, and deposit mechanism rate to 4.50%, 4.75%, and 4.00% respectively starting from September 20th.
The European Central Bank stated on the same day that it expects inflation rates in the Eurozone to be 5.6%, 3.2%, and 2.1% in 2023, 2024, and 2025, respectively. At the same time, the European Central Bank has lowered its economic growth forecast for the eurozone in 2023 to 0.7%, while adjusting its growth forecast for 2024 and 2025 to 1.0% and 1.5%, respectively.
The preliminary statistical data released by the Eurostat on August 31st showed that the inflation rate in the Eurozone in August was calculated at an annual rate of 5.3%, which is the same as July.
Since the start of the interest rate hike process in July last year, the European Central Bank has raised interest rates by a total of 450 basis points.