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The ECB left interest rates unchanged

The ECB left interest rates unchanged

At its meeting in October, the European Central Bank (ECB) left interest rates unchanged. Last month it decided to raise the deposit rate to a record 4%. The most intense cycle of interest rate hikes since 1999 was paused at this level amid growing fears of a recession in the eurozone economy.

The rate on main refinancing operations, which provides the bulk of the liquidity of the banking system, remained at 4.5%, and the marginal rate on loans providing overnight credit to banks remained at 4.75%.

In its statement, the ECB confirmed that keeping borrowing costs at this level for quite some time would make a “significant contribution” to returning inflation to its 2% target.

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