London: The European Central Bank (ECB) has decided to hike the interest rate. The bank has decided to hike the interest rate for the first time in more than 11 years next month.
ECB has decided to hike the rate by 0.25%. The new rate will come into force from July. The bank also intends to end its bond-buying stimulus programme on 1st of July. This was announced by ECB President Christine Lagarde.
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ECB’s main policy interest rate is currently at -0.50% and it could be back at zero or above by the end of September. The last time it raised interest rates in 2011. The ECB also cut its growth forecast for the eurozone from 3.7% to 2.8% for 2022 and from 2.8% to 2.1% for 2023.
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