Financial News: ECB Lowers Interest Rates For Fourth Session

ECB Lowers Interest Rates For Fourth Session

01/30/2025 - 09:09:00 (RTTNews)

(RTTNews) - The European Central Bank cut its interest rates for a fourth policy session in a row as expected as euro area economy ground to a half in the final quarter of 2024 and inflationary pressures increased.

The Governing Council, led by ECB President Christine Lagarde, lowered the benchmark - the deposit rate - by 25 basis points to 2.75 percent.

The main refinancing rate was trimmed by a similar volume to 2.90 percent and the lending rate to 3.15 percent, respectively.

The central bank for the single currency bloc has lowered interest rates in every rate-setting session since September and each reduction was 25 basis points.

"The disinflation process is well on track," the ECB said in a statement.

"Inflation has continued to develop broadly in line with the staff projections and is set to return to the Governing Council's 2 percent medium-term target in the course of this year," the bank said.

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