European Central Bank hikes interest rates by 75 bps, highest since 2009

European Central Bank (ECB) on Thursday raised interest rates it pays on bank deposits by 75 basis points (bps), taking it to the highest level since 2009 at 1.5%. It comes after the bank rose rates by 50 bps in July and 75 bps in September. ECB also increased the rate on its Main Refinancing Operation to 2.0% from 1.25%.