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The Governing Council of the European Central Bank (ECB) sets the key interest rates for the euro area: the interest rate on the main refinancing operations, the rate on the marginal lending facility and the rate on the deposit facility. These official interest rates form the basis for interest rates on the money market.

Rates

At present, the following rates apply:

  • Fixed rate on the main refinancing operations as at 2 November 2022: 2.00%
  • Rate on the marginal lending facility as at 2 November 2022: 2.25%
  • Deposit facility rate as at 2 November 2022: 1.50%

Explanatory notes

Main refinancing operations (MRO) rate

The main refinancing rate is the rate at which banks can borrow money from the central bank for the duration of one week.

Marginal lending facility (MLF) rate

The marginal lending rate is the rate at which banks can borrow money from the central bank against collateral for a period of one day (overnight). This rate is always higher than the main refinancing rate and therefore sets an upper limit for money market rates.

Deposit facility rate (DFR)

The deposit rate is the interest rate at which banks can make overnight deposits with the central bank. This rate is always lower than the main refinancing rate.