India, June 11 -- The European Central Bank raised its interest rates for the first time in nearly three years in a bid to cushion the impact of rising inflation that is triggered by the surge in energy prices due to the conflict in the Middle East, as the single currency economy struggles to grow.
The Governing Council, led by ECB President Christine Lagarde, hiked the benchmark rate - the deposit rate by 25 basis points to 2.25 percent. The main refinancing rate was lifted to 2.40 percent and the marginal lending rate to 2.65 percent. Such a move was widely expected as policymakers including Lagarde signaled the same since the previous policy session.
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