By Lynx Insight Service

March 16 (Reuters) – The European Central Bank said on Thursday its refinancing interest rate was raised from 3.00% to 3.50% following its monetary policy meeting.

A Reuters poll expected that rate – officially called the main refinancing rate – to reach 3.50%.

The deposit facility rate increased from 2.50% to 3.00%, in line with what was expected by analysts.

The refinancing rate is the cost that banks pay to obtain one-week funding from the ECB, while the deposit facility rate indicates the interest paid by the ECB to financial institutions to deposit money for one day. . (Report by Benjamin Mejías Valencia)

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