The European Central Bank for the first time in history increased the rate by 75 points

The European Central Bank increased the base rate on loans by 75 basic points - up to 1.25 percent per annum. To such an extent, the bank resorted to the first time in history.

Key rates on deposits and marginal loans grew from zero to 0.75 percent, as well as from 0.75 percent to one and a half percent, respectively.

This important step will accelerate the transition from the prevailing adaptive level of rates to levels that will ensure the timely return of inflation to the medium-term target indicator of the European Central Bank at the level of two percent, the regulator’s press release says .

According to Bloomberg, in August, inflation in the eurozone exceeded nine percent - this is four times the target indicator of the regulator. According to the forecasts of the Central Bank, in 2022 inflation will reach 8.1 percent with an economy growth of 3.1 percent.

The last time the European Central Bank adjusted the key rates in July, raising them by 50 basic points. This happened for the first time since 2011.