Emirates News Agency – European Central Bank raises interest rates by 75 basis points

FRANKFURT, September 8, 2022 (WAM) — The European Central Bank (ECB) Executive Board today decided to raise the three main ECB interest rates by 75 basis points.

The ECB has announced that from 14 September 2022, the interest rates for its main refinancing operations, marginal lending facility and deposit facility will increase to 1.25%, 1.50% and 0.75% respectively. statement today.

With deposit rates raised above zero, the two-tiered reward for excess reserves is no longer necessary. Therefore, the Board today decided to suspend the two-tier system by setting the multiplier to zero.