The European Central Bank raised its key interest rates for the tenth policy session in a row as rate-setters assessed the euro area inflation to remain "too high for too long", but signaled a pause, possibly a long one, in the tightening cycle as the bank saw it prudent to guide that the current level of interest rates if maintained for long would ensure a timely return of inflation to the 2 percent target.
The Governing Council, led by ECB President Christine Lagarde, raised the main refinancing rate, or refi, by 25 basis points at 4.50 percent.
The deposit facility rate was hiked to a record high 4.00 percent and the lending rate was increased to 4.75 percent.
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by Jyotsna V
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