ECB Interest Rate Today
The European Central Bank's deposit facility rate, its main policy rate, is 2.50% (main refinancing rate 2.65%, marginal lending rate 2.90%). The ECB last raised it by 0.25 point with effect from 16 September 2026. That was the 2nd increase since June 2026. The euro short-term rate (€STR) was 2.442% on 23 October 2026. Euro area inflation was 3.8% in the 12 months to September 2026, so the real deposit rate is minus 1.30%. Gold in euros is down 4.7% since that decision. Next ECB decision: Thursday 29 October 2026 at 14:15 CET.
ECB deposit rate, bond yields and gold in euros since 1999
weekly · gold on a log scale (right)ECB Rate Cycles Since 1999 and Gold in Euros
Runs of deposit-rate hikes or cuts (a gap of two years or more starts a new run), and how gold did in € (our calculations).
| Cycle | From → to | Gold during | 12 months after the first move |
|---|---|---|---|
| Hikes Jun 2026–Sep 2026 | 2.00% → 2.50% | +1.3% | so far −4.6% |
| Cuts Jun 2024–Jun 2025 | 4.00% → 2.00% | +34.9% | +35.3% |
| Hikes Jul 2022–Sep 2023 | -0.50% → 4.00% | +8.3% | +3.1% |
| Cuts Sep 2019 | -0.40% → -0.50% | — | +21.5% |
| Cuts Nov 2011–Mar 2016 | 0.75% → -0.40% | −14.6% | +5.2% |
| Hikes Apr 2011–Jul 2011 | 0.25% → 0.75% | +11.9% | +26.4% |
| Cuts Nov 2008–Apr 2009 | 3.25% → 0.25% | +15.5% | +29.8% |
| Hikes Oct 2008 | 2.75% → 3.25% | — | +8.3% |
| Cuts Oct 2008 | 3.25% → 2.75% | — | +10.1% |
| Hikes Dec 2005–Jul 2008 | 1.00% → 3.25% | +37.3% | +11.5% |
| Cuts May 2001–Jun 2003 | 3.75% → 1.00% | +1.3% | +12.5% |
| Hikes Nov 1999–Oct 2000 | 1.50% → 3.75% | +12.1% | +9.6% |
| Cuts Jan 1999–Apr 1999 | 2.75% → 1.50% | +4.7% | +14.6% |
| Hikes Jan 1999 | 2.00% → 2.75% | — | — |
Latest Daily Rates
| Date | Deposit rate | €STR | $ per € |
|---|---|---|---|
| Oct 23, 2026 | 2.50% | 2.442% | 1.1193 |
| Oct 22, 2026 | 2.50% | 2.442% | 1.1205 |
| Oct 21, 2026 | 2.50% | 2.440% | 1.1234 |
| Oct 20, 2026 | 2.50% | 2.440% | 1.1215 |
| Oct 19, 2026 | 2.50% | 2.441% | 1.1225 |
| Oct 16, 2026 | 2.50% | 2.441% | 1.1253 |
| Oct 15, 2026 | 2.50% | 2.440% | 1.1208 |
| Oct 14, 2026 | 2.50% | 2.440% | 1.1195 |
| Oct 13, 2026 | 2.50% | 2.439% | 1.1188 |
| Oct 12, 2026 | 2.50% | 2.439% | 1.1181 |
Year by Year
| Year | Deposit rate at year-end | Inflation (Dec) | Gold in € that year |
|---|---|---|---|
| 2026 (so far) | 2.50% | 3.8% | −3.0% |
| 2025 | 2.00% | 2.0% | +45.3% |
| 2024 | 3.00% | 2.4% | +35.6% |
| 2023 | 4.00% | 2.9% | +9.5% |
| 2022 | 2.00% | 9.2% | +6.0% |
| 2021 | -0.50% | 5.0% | +4.5% |
| 2020 | -0.50% | -0.3% | +14.2% |
| 2019 | -0.50% | 1.3% | +21.2% |
| 2018 | -0.40% | 1.5% | +2.5% |
| 2017 | -0.40% | 1.3% | −0.2% |
| 2016 | -0.40% | 1.1% | +12.1% |
| 2015 | -0.30% | 0.2% | −0.1% |
| 2014 | -0.20% | -0.2% | +11.9% |
| 2013 | 0.00% | 0.8% | −30.6% |
| 2012 | 0.00% | 2.2% | +6.2% |
| 2011 | 0.25% | 2.8% | +12.5% |
| 2010 | 0.25% | 2.2% | +39.3% |
| 2009 | 0.25% | 0.9% | +20.8% |
| 2008 | 2.00% | 1.6% | +10.3% |
| 2007 | 3.00% | 3.1% | +18.0% |
| 2006 | 2.50% | 1.9% | +10.4% |
| 2005 | 1.25% | 2.2% | +36.0% |
| 2004 | 1.00% | 2.3% | −3.0% |
| 2003 | 1.00% | 2.0% | −0.5% |
| 2002 | 1.75% | 2.3% | +5.5% |
| 2001 | 2.25% | 2.0% | +6.4% |
| 2000 | 3.75% | 2.5% | +2.1% |
| 1999 | 2.00% | 1.7% | — |
The Eurosystem's Gold
Gold and gold receivables of the ECB and the euro area central banks, from the weekly financial statement.
| Central bank | Gold (€ bn) |
|---|---|
| Germany (Bundesbank) | 380.7 |
| Italy (Banca d'Italia) | 278.7 |
| France (Banque de France) | 277.0 |
| Netherlands | 69.6 |
| European Central Bank | 57.8 |
| Portugal | 43.5 |
| Spain | 32.0 |
| Austria | 31.8 |
| Belgium | 25.8 |
| Greece | 17.3 |
| Finland | 5.0 |
| Bulgaria | 4.7 |
| Slovakia | 3.6 |
| Cyprus | 1.6 |
| Ireland | 1.4 |
| Latvia | 0.8 |
| Lithuania | 0.7 |
| Slovenia | 0.5 |
| Luxembourg | 0.3 |
| Malta | 0.0 |
| Estonia | 0.0 |
| Croatia | 0.0 |
Every ECB deposit rate change since 1999 (63)
| Effective | Deposit rate | Change | Gold in € that day |
|---|---|---|---|
| Sep 16, 2026 | 2.50% | +25 bp | €3,803 |
| Jun 17, 2026 | 2.25% | +25 bp | €3,780 |
| Jun 11, 2025 | 2.00% | −25 bp | €2,925 |
| Apr 23, 2025 | 2.25% | −25 bp | €2,886 |
| Mar 12, 2025 | 2.50% | −25 bp | €2,707 |
| Feb 5, 2025 | 2.75% | −25 bp | €2,776 |
| Dec 18, 2024 | 3.00% | −25 bp | €2,528 |
| Oct 23, 2024 | 3.25% | −25 bp | €2,535 |
| Sep 18, 2024 | 3.50% | −25 bp | €2,336 |
| Jun 12, 2024 | 3.75% | −25 bp | €2,187 |
| Sep 20, 2023 | 4.00% | +25 bp | €1,838 |
| Aug 2, 2023 | 3.75% | +25 bp | €1,798 |
| Jun 21, 2023 | 3.50% | +25 bp | €1,781 |
| May 10, 2023 | 3.25% | +25 bp | €1,860 |
| Mar 22, 2023 | 3.00% | +50 bp | €1,808 |
| Feb 8, 2023 | 2.50% | +50 bp | €1,761 |
| Dec 21, 2022 | 2.00% | +50 bp | €1,716 |
| Nov 2, 2022 | 1.50% | +75 bp | €1,665 |
| Sep 14, 2022 | 0.75% | +75 bp | €1,711 |
| Jul 27, 2022 | 0.00% | +50 bp | €1,693 |
| Sep 18, 2019 | -0.50% | −10 bp | €1,364 |
| Mar 16, 2016 | -0.40% | −10 bp | €1,112 |
| Dec 9, 2015 | -0.30% | −10 bp | €985 |
| Sep 10, 2014 | -0.20% | −10 bp | €963 |
| Jun 11, 2014 | -0.10% | −10 bp | €931 |
| Jul 11, 2012 | 0.00% | −25 bp | €1,286 |
| Dec 14, 2011 | 0.25% | −25 bp | €1,234 |
| Nov 9, 2011 | 0.50% | −25 bp | €1,309 |
| Jul 13, 2011 | 0.75% | +25 bp | €1,122 |
| Apr 13, 2011 | 0.50% | +25 bp | €1,006 |
| Apr 8, 2009 | 0.25% | −25 bp | €665 |
| Mar 11, 2009 | 0.50% | −50 bp | €704 |
| Jan 21, 2009 | 1.00% | −100 bp | €658 |
| Dec 10, 2008 | 2.00% | −75 bp | €621 |
| Nov 12, 2008 | 2.75% | −50 bp | €578 |
| Oct 9, 2008 | 3.25% | +50 bp | €646 |
| Oct 8, 2008 | 2.75% | −50 bp | €658 |
| Jul 9, 2008 | 3.25% | +25 bp | €590 |
| Jun 13, 2007 | 3.00% | +25 bp | €487 |
| Mar 14, 2007 | 2.75% | +25 bp | €488 |
| Dec 13, 2006 | 2.50% | +25 bp | €470 |
| Oct 11, 2006 | 2.25% | +25 bp | €458 |
| Aug 9, 2006 | 2.00% | +25 bp | €504 |
| Jun 15, 2006 | 1.75% | +25 bp | €452 |
| Mar 8, 2006 | 1.50% | +25 bp | €457 |
| Dec 6, 2005 | 1.25% | +25 bp | €428 |
| Jun 6, 2003 | 1.00% | −50 bp | €307 |
| Mar 7, 2003 | 1.50% | −25 bp | €318 |
| Dec 6, 2002 | 1.75% | −50 bp | €326 |
| Nov 9, 2001 | 2.25% | −50 bp | €310 |
| Sep 18, 2001 | 2.75% | −50 bp | €313 |
| Aug 31, 2001 | 3.25% | −25 bp | €298 |
| May 11, 2001 | 3.50% | −25 bp | €307 |
| Oct 6, 2000 | 3.75% | +25 bp | €310 |
| Sep 1, 2000 | 3.50% | +25 bp | €311 |
| Jun 9, 2000 | 3.25% | +50 bp | €300 |
| Apr 28, 2000 | 2.75% | +25 bp | €303 |
| Mar 17, 2000 | 2.50% | +25 bp | €294 |
| Feb 4, 2000 | 2.25% | +25 bp | €299 |
| Nov 5, 1999 | 2.00% | +50 bp | €278 |
| Apr 9, 1999 | 1.50% | −50 bp | €260 |
| Jan 22, 1999 | 2.00% | −75 bp | €248 |
| Jan 4, 1999 | 2.75% | +75 bp | €244 |
ECB Interest Rate: FAQ
What is the ECB interest rate today?
The deposit facility rate is 2.50%, in force since 16 September 2026. Since September 2024 it is the rate the ECB uses to steer its policy: banks earn it on overnight deposits at the Eurosystem. The main refinancing rate (2.65%) is what banks pay for weekly loans, and the marginal lending rate (2.90%) for overnight loans.
When is the next ECB rate decision?
The Governing Council announces its next decision on Thursday 29 October 2026 at 14:15 CET, followed by a press conference at 14:45. It meets every six weeks; the following decisions are due on 17 Dec 2026, 4 Feb 2027, 18 Mar 2027, 29 Apr 2027. New rates apply from the following Wednesday.
What is €STR?
The euro short-term rate: what banks pay to borrow euros overnight without collateral, calculated by the ECB each business day from banks' actual transactions. It sits just below the deposit rate and has replaced EONIA as the euro overnight benchmark.
How do ECB rates affect the gold price in euros?
Gold is priced in US dollars, so for euro savers the exchange rate matters as much as the metal: when the ECB cuts while the US Federal Reserve holds, the euro tends to weaken and gold costs more in euros. Lower rates also reduce what savers give up by holding gold. The cycle table shows gold in euros during each run of ECB hikes or cuts since 1999.
What is the real interest rate in the euro area?
The deposit rate (2.50%) minus euro area HICP inflation over the last 12 months (3.8% to September 2026) gives minus 1.30%.
How much gold does the Eurosystem hold?
The ECB and the euro area national central banks reported gold and gold receivables worth €1,286 billion in the weekly financial statement for 16 October 2026. Gold is revalued to the market price at the end of each quarter, so the weekly figure only moves much at quarter-ends; changes in between come from small sales, purchases or new members. Germany's Bundesbank and the Banca d'Italia hold the most.
Where do the figures come from?
ECB interest rates, €STR, the euro reference exchange rates, the AAA government bond yield curve and the gold holdings: the ECB Data Portal. Inflation: Eurostat (HICP). Gold in euros is our calculation from COMEX closes and the ECB's US dollar reference rate; today's figure uses the live spot price.
Source: ECB statistics (ECB Data Portal). Key ECB interest rates, €STR, euro reference exchange rates, euro area AAA yield curve and gold holdings (weekly financial statement and monthly central bank balance sheets) as published; see the ECB's key interest rates and its statistics reuse policy. Inflation: Eurostat, HICP annual rate of change (prc_hicp_minr). Eurostat data browser. The ECB and Eurostat do not endorse Corgano. Gold prices are COMEX front-month futures closes; prices in euros, cycle and yearly changes, the real rate and tonnes are Corgano's calculations.
See also: gold price in euros · Swiss National Bank rate · Bank of England rate · Fed funds rate.
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@misc{corgano2026ecbinterestratetoday, author = {{Corgano}}, title = {ECB Interest Rate Today}, howpublished = {\url{https://goldprice.corgano.com/ecb-interest-rate}}, year = {2026}, note = {Corgano Gold Price, accessed 2026-10-27}}