European Central Bank decides to raise interest rates for the first time in 11 years

The European Central Bank’s Governing Council decided to raise the three key interest rates by 50 basis points.

According to the regulator’s website, as of July 27, the base interest rate will be increased for the first time since July 2011 to 0.5%, the interest rate on deposits – up to 0%, and the interest rate on short-term loans – to 0.75%.

“The ECB Governing Council considered it appropriate to take a larger first step in normalizing interest rates than those announced at the previous meeting,” the bank said, adding that the decision was based on an assessment of inflation risks.

Also, the ECB did not rule out that “further normalization of interest rates” will take place in the upcoming meetings.

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