# ECB begins great cash mop-up as banks repay 296 bln euros of loans

> Euro zone banks are set to repay nearly 300 billion euros to the European Central Bank the following week, the largest cash withdrawal from the euro system in the euro's 22-year history. The repayments follow ECB moves to raise borrowing costs against record euro zone inflation.

- Date: 2022-11-18 · published 2022-11-18T12:00:00.000Z
- Category: macro · region Europe · magnitude low
- Page: https://feedsoft.ai/events/38894-ecb-begins-great-cash-mop-up-as-banks-repay-296-bln-euros-of-loans
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

Draining liquidity tightens euro financial conditions and can support the euro against the dollar, which affects dollar-denominated feed commodity prices and import costs for European buyers.

## Read by commodity

- EURUSD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2024-02-27 | [EUR/USD: Euro May Be Out of Reasons to Go Up After CPI Data \| tastylive](https://feedsoft.ai/events/31883-eur-usd-euro-may-be-out-of-reasons-to-go-up-after-cpi-data-tastylive.md) | +0.1% | -0.2% |
| EURUSD | 2024-09-12 | [Euro gains after ECB rate cut as Lagarde pushes back on October ease](https://feedsoft.ai/events/28525-euro-gains-after-ecb-rate-cut-as-lagarde-pushes-back-on-october-ease.md) | +0.9% | -0.6% |
| EURUSD | 2022-03-08 | [Euro rises from 22-month lows as Ukraine crisis grips](https://feedsoft.ai/events/9524-euro-rises-from-22-month-lows-as-ukraine-crisis-grips.md) | +1.1% | +1.2% |
| EURUSD | 2016-11-16 | [South European bonds sell off as ECB rises up the agenda](https://feedsoft.ai/events/9136-south-european-bonds-sell-off-as-ecb-rises-up-the-agenda.md) | -1.0% | -0.7% |
| EURUSD | 2022-05-23 | [Dollar Vs. Euro: Greenback Hits One-Month Low As ECB Eyes Rate Hikes - Markets Insider](https://feedsoft.ai/events/41613-dollar-vs-euro-greenback-hits-one-month-low-as-ecb-eyes-rate-hikes-markets.md) | +1.4% | -0.1% |

## Sources

- reuters.com: https://www.reuters.com/markets/europe/ecb-begin-great-cash-mop-up-banks-repay-billions-loans-2022-11-18/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.