Forex

ECB Holds Key Interest Rates Amid Energy Price Uncertainty

Guavy AI Editorial Team Published July 24, 2026

Instruments

EUR

The European Central Bank (ECB) left its key interest rates unchanged on July 23, citing uncertainty due to rising energy prices. The regulator's decision affects the deposit rate, which remains at 2.25%, as well as the main refinancing operations and marginal lending rates.

The ECB notes that while energy prices are currently close to the baseline scenario of European experts' expectations from June, they are significantly higher than pre-conflict levels. The regulator is closely monitoring the impact of the energy shock on inflation and its indirect consequences.

In June, the ECB raised interest rates for the first time in almost three years in response to the energy shock. The regulator also raised its inflation forecast for 2026 to 3%, with forecasts standing at 2.3% for 2027 and 2% for 2028.

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