With effect from

Main refinancing operations




Latvijas Banka's refinancing rate (until December 2013)

Interest rate on the main refinancing operations of the ECB (as of January 2014)

The most significant of the ECB key interest rates is the interest rate on the main refinancing operations. Decisions on interest rates are taken by the ECB Governing Council.

Main refinancing operations are weekly liquidity-providing operations executed through fixed and variable rate tenders. Usually, the maturity of those operations is one week. At fixed rate tenders, the interest rate on the central bank money is specified in advance in accordance with the monetary policy stance. Variable rate tenders are organised based on a minimum bid rate serving as the lowest limit for the price of the central bank money. Main refinancing operations have a pivotal role in achieving the objectives of the Eurosystem's market operations and they are the largest refinancing source for the banking sector.

Related topics

Meetings of the ECB's Governing Council

ECB monetary policy decisions

Monetary policy instruments

Related links

Schedules for the meetings of the Governing Council and General Council of the ECB and related press conferences