The central bank for the 20 countries that share the euro raised the rate it pays on bank deposits by another half a percentage point to 2.5%
The European Central Bank raised interest rates again on Thursday and pencilled in at least one more hike of the same magnitude next month.
Before the decision, investors and economists were expecting the ECB to raise its deposit rate by another 50 basis points in March and take it to a peak of 3.25 per cent/3.50 per cent by the summer, which would be the highest since the turn of the century. The euro zone unexpectedly eked out growth in the final three months of 2022 but this was largely due to an exceptionally mild winter and a stellar performance by Ireland.
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