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BREAKING
Fars: The released documents show that IAEA chief Grossi has been completely coordinating with "Israel" and has been carrying out "Israel's" orders
Fars News Agency publishes first batch of documents that the Iranian Ministry of Intelligence seized through its intelligence operation
Joint statement: The IAEA report is entirely political and far from neutrality
Joint statement: Iran, in response to the IAEA decision, will replace first-generation centrifuges at the Fordow nuclear facility with advanced sixth-generation centrifuges
Joint statement: The Atomic Energy Organization of Iran issues an order to operate a new uranium enrichment site in a secure area
Joint statement: There is no IAEA report to date indicating any deviation in Iran's nuclear activities
Joint statement: There is no report from the IAEA to date indicating that Iran has not complied with these commitments
Joint statement: Iran has always adhered to its commitments under the safeguards agreement
Iranian Foreign Ministry and Atomic Energy Organization in a joint statement: Tehran strongly condemns the IAEA Board of Governors' resolution
Iranian State TV: Iran condemns the IAEA’s resolution, calling it a political decision lacking any technical or legal basis

ECB set for historic interest rate hike for first time in 11 years

  • By Al Mayadeen English
  • Source: Agencies
  • 21 Jul 2022 18:02
2 Min Read

Bank surprises markets with 0.5 percentage point hike as inflation reaches 8.6% in eurozone.

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  • he building of the European Central Bank (ECB) towers behind the Euro sign logo by the artist Otmar Hoerl in Frankfurt, German
    The building of the European Central Bank (ECB) behind the Euro sign logo by the artist Otmar Hoerl in Frankfurt, Germany

The European Central Bank (ECB) has for the first time in over a decade raised interest rates to combat eurozone inflation that hiked 8.6% last month.

While economists were expecting a 0.25 percentage point hike, the ECB surprisingly pushed its base rate up by 0.5 percentage points, saying the increase was a must to limit the pressure on prices over the coming two years.

Read: In what direction is the euro heading?

“The governing council decided to raise the three key ECB interest rates by 50 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 0.50%, 0.75%, and 0.00% respectively, with effect from 27 July 2022,” the ECB said.

Related News

Bulgaria faces protests as Euro adoption nears approval

German economy shrinks 0.3% in 2023

Before the decision was reached, the euro kept falling against the US dollar, but it is expected to get a boost in the coming week when the Fed could hike its main interest rate by 0.75 points.

The Bank of England is expected to proceed with another rise in August, too.

German, Dutch, and Austrian officials have pushed ECB officials and put them under pressure to increase borrowing costs in spite of fears that debt financing fees would escalate for southern European members of the euro currency bloc.

Italy’s government collapse earlier in the day increased the cost of Rome’s borrowing and pressured the ECB to step up its “anti-fragmentation” program, made to protect nations that come under debt financing stress.

Recession concerns have helped push the euro to a 20-year low against the dollar, which adds to the ECB’s inflation-fighting task by worsening already high energy prices. Oil is among many commodities priced in dollars.

  • Eurozone
  • Europe
  • inflation
  • European Central Bank

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The logo of the Iranian Ministry of Intelligence (wikidata)

Iran acquired thousands of sensitive Israeli documents: Exclusive

  • Politics
  • 7 Jun 2025
Iranian demonstrators walk on a caricature of the Israeli Prime Minister Benjamin Netanyahu during the annual Quds Day rally in support of Palestinians, in Tehran, Iran, Friday, March 28, 2025 (AP)

Iran hits 'Israel' hard without arms; intel breach lays Tel Aviv bare

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Iranian Intelligence Minister Esmaeil Khatib in an undated photo (Nournews)

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IAEA leaked to 'Israel' confidential communications with Iran: Fars

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