ECB raises interest rates by another 50 bps

FRANKFURT, March 16 (Xinhua) -- The European Central Bank (ECB) on Thursday raised interest rates by another 50 basis points (bps), citing spiraling inflation in the eurozone.

After the rate hike, the interest rates on the main refinancing operations, on the marginal lending facility, and on the deposit facility will be increased to 3.5 percent, 3.75 percent and 3 percent, respectively.