Sharjah 24 – WAM: The European Central Bank's (ECB) Governing Council decided today to raise the three key ECB interest rates by 75 basis points.

Accordingly, the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will be increased to 1.25 percent, 1.50 percent and 0.75 percent respectively, with effect from 14th September, 2022, the ECB said in a statement today.

Following the raising of the deposit facility rate to above zero, the two-tier system for the remuneration of excess reserves is no longer necessary. The Governing Council therefore decided today to suspend the two-tier system by setting the multiplier to zero.