Market Updates
ECB Hikes Rate by 0.75%, Revises Emergency Program Terms
Bridgette Randall
27 Oct, 2022
Frankfurt
The European Central Bank lifted its key lending rate by 75 basis points, the second large-size rate hike in a row and third this year.
The central bank also said it plans to revise terms of targeted longer term refinancing operations or TLTROs, the plan designed to encourage banks to lend to customers.
The interest rate charged for such facilities will be changed on November 23 and the banks will be given an opportunity for early repayment.
The facility was created to incentivize banks to increase lending in the real economy at the height of the pandemic but since the economic conditions have changed and inflation has soared from less than 2% to above 10%.
After the latest rate hike, the main lending rate was revised higher to 1.5%, the level not seen since 2009.
Despite the latest rate increase, rates are still in negative territory and the central bank is not done with rate increases.
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