Loans by Italian banks to businesses fell in October, albeit at a slower pace than the month before, Bank of Italy data showed on Tuesday, after an unprecedented series of interest rate hikes by the European Central Bank made it harder for firms to borrow.

Bank credit to businesses fell 5.5% year-on-year in October, the Bank of Italy said.

That followed a 6.7% drop in September which was the biggest fall on record, according to Reuters calculations based on the Bank of Italy data. All 90 economists polled by Reuters in a survey said the ECB will leave its key rate on deposits unchanged at a record high of 4% at a meeting on Thursday.

(Reporting by Sara Rossi, editing by Gavin Jones)