The ECB has announced it will be hiking rates in July and September to counter record inflation. Daniel Roland | Afp | Getty Images The European Central Bank is likely to raise its deposit

rate out of negative territory by the end of September and could lift it further if it sees inflation stabilizing at 2%, ECB President Christine Lagarde said on Monday. "Based on the

current outlook, we are likely to be in a position to exit negative interest rates by the end of the third quarter," Lagarde said in a blog post published on the ECB's website. The

ECB's deposit rate is currently -0.5%, meaning banks are charged to park cash at the central bank. "If we see inflation stabilising at 2% over the medium term, a progressive