The Governing Council of the European Central Bank has raised its key interest rate by 25 basis points. As a result, the base rate reached 4%. The meeting of the ECB Governing Council was held in Frankfurt. The central bank last raised its base rate by 25 basis points on May 4. The base interest rate on loans was increased to 4%, the deposit rate – to 3.5%, the rate on margin loans – to 4.25%. The regulator noted that the increase in the base interest rate was taken to curb high inflation in the eurozone, which currently stands at 6.1%. Analysts assume that the increase in the interest rate will affect many residents of Estonia, as it will lead to an increase in Euribor, which is associated with a significant part of housing loans and leasing agreements issued in Estonia.
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