ECB’s Rehn sees rate rise in July, rates in positive territory by year-end

SALZBURG, Austria – Finnish central bank governor Olli Rehn expects the European Central Bank will raise interest rates in July, continue increasing them to reach zero in the course of autumn and expects positive rates by year-end.

“I believe we will start raising interest rates in July, so that they will get to zero in the course of the coming autumn and will be in positive territory around year-end,” Rehn told an economic seminar in Salzburg.

“It is a gradual process of normalisation of monetary policy,” he said.

(This story corrects dateline from Strasburg to Salzburg)