The ECB raised its deposit rate by 50 basis points to zero in an effort to curb record-high inflation in the euro zone
The European Central Bank raised its interest rates for the first time since 2011 on Thursday and unveiled a new bond-buying program to keep borrowing costs in check for the euro zone’s most indebted countries.
It also raised the rate on its weekly and daily cash auctions by 50 basis points to 0.50% and 0.75% respectively, and signalled that further increases in its three rates were likely to come this year. In a bid to cushion the impact of the rise in borrowing costs, the ECB also unveiled a new tool, the Transmission Protection Instrument .
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