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ECB raises key interest rate by 75 basis points

Inflation in the eurozone is higher than ever.

By Finst News
• 3 min read
ECB raises key interest rate by 75 basis points

Inflation in the eurozone is higher than ever. The European Central Bank (ECB) is responding with further rate hikes.

ECB raises the rate to 2%

The ECB pushed the main interest rate up again. The central bank announced this in a press release. So the ECB raised the previous rate of 1.25% by 75 basis points to 2%. The deposit facility, i.e., the rate banks receive on deposits with the ECB, is raised to 1.5%.

Good news for the crypto sector

With these measures, the ECB is trying to curb the lingering high inflation in the EU. By the end of September, average inflation in the eurozone rose to just under 10% under 10%. This is good news for the crypto sector. Market expert Stefan Lübeck on the decision: "The raise should lead to a rise in the euro-dollar exchange rate. This could have a positive effect on the price development of Bitcoin and other cryptocurrencies."

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