ECB holds deposit facility rate at 2.25%, keeps key rates unchanged

The European Central Bank kept its deposit facility rate at 2.25%, its main refinancing operations rate at 2.40%, and its marginal lending facility rate at 2.65% on July 23, in line with market expectations. Alongside the unchanged rate decision, the ECB published version 0.91 of its digital euro rulebook, outlining further progress toward a eurozone central bank digital currency. The ECB said policy remains data-dependent and will be decided meeting by meeting, while its balance sheet continues to shrink through passive runoff under the Asset Purchase Programme and the Pandemic Emergency Purchase Programme.