The European Central Bank (ECB) has left deposit rates at record levels for the fifth time in a row, according to the regulator's website.

The ECB Governing Council has kept interest rates unchanged. The base rate remained at 4.5%, the marginal loan rate is 4.75%, and the deposit rate is 4%.

The press release indicates that the regulator continues to strive to return inflation to the medium-term target of 2%. The Board also believes that key rates are now at a level that makes a significant contribution to the current disinflation process.

The regulator's decision coincided with market expectations. None of the 73 economists who participated in the survey from March 25 to 28 expected a rate cut at the April 11 meeting. Almost 90%, or 68 respondents, predicted that the first ECB rate cut would occur in June 2024.