The European Central Bank (ECB) announced on Thursday that it has left its three key interest rates unchanged as oil prices continue to rise amid the escalating conflict involving Iran, News.Az reports, citing Xinhua.
The decision to keep borrowing costs on hold comes at a time of heightened volatility in energy markets driven by the ongoing war in the Middle East.
“The outlook for energy prices, while highly volatile, currently stands close to the baseline of the June Eurosystem staff projections and well above the levels recorded prior to the conflict in the Middle East,” the ECB said in a statement.
Under the decision, the interest rate on the deposit facility, the ECB’s main policy rate, remains at 2.25%. The rates on the main refinancing operations and the marginal lending facility also remain unchanged at 2.4% and 2.65%, respectively.
