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The European Central Bank raises key interest rates for the first time in 11 years | DW News
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July 21, 2022
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4:23Now PlayingThe European Central Bank raised its key interest rates for the first time in over a decade. The move is aimed to combat inflation as consumer prices in the eurozone rose at an 8.6% annual pace in June.
The ECB raised its negative benchmark deposit rate by 50 basis points from minus 0.5% to 0%, lifting the bank's deposit facility out of negative territory for the first time in eight years. The announcement came as a surprise as the bank had initially hinted that it would hike the rate by 25 basis points only.
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