Europe's central bank has left its key interest rate unchanged. The decision, which was widely expected, comes even as inflation continues to fall faster than expected.

Inflation in the eurozone fell to an almost two-year low. The news increases pressure on monetary policymakers to halt their recent string of painful interest rate hikes in the common currency area.

Citing declining inflation and a strong rebound in economic activity, Ghana's central bank on Monday (September 25) held its interest rate at 30%.

The People's Bank of China announced it was cutting its key one-year interest rate for the second time in three months on Monday, but left its five-year rate unchanged.

The interest rate was increased to an anticipated 5.25%, the bank's 14th hike in a row. The bank is expected to continue with its policy of hiking the interest rate in the next months to combat inflation.

The Reserve Bank of India has left the benchmark repo rate unchanged at 6.5% as inflationary pressures ease. However, the bank warned some risks remain.

The annual inflation rate in the Eurozone dipped sharply in May to 6.1 percent, its lowest level since Russia invaded Ukraine last year. Despite this, European Central Bank Chief Christine Lagarde hinted at further, more gradual interest rate hikes to bring inflation down to its target of 2 percent.