Euribor rates continued to climb to three, six and 12 months this Monday, for the seventh consecutive session since September 9, reaching new highs in more than 10 years.
The Euribor has risen since the ECB raised the three main interest rates by 75 basis points on September 8, the second consecutive increase this year, as the three interest rates had risen by 50 basis points on July 21. increase in 11 years, with the aim of curbing inflation.
The six-month Euribor rate, which is most commonly used for home loans in Portugal and turned positive on June 6, rose to 1.737% on Monday, 0.065 points more than on Friday and a new high since December 2011.
The six-month Euribor average rose from 0.466% in July to 0.837% in August.
The six-month Euribor was negative for six years and seven months (between November 6, 2015 and June 3, 2022).
In a similar vein, the three-month Euribor, which entered positive territory for the first time since April 2015 on July 14, rose today, after standing at 1.066%, plus 0.003 points and a new high since January 2012.
The three-month Euribor was negative between 21 April 2015 and 13 July 2015 (seven years and two months).
The three-month Euribor average rose from 0.037% in July to 0.395% in August.
Within 12 months, the Euribor has also risen today, standing at 2.295%, plus 0.032 points and a new high since January 2009.
After rising to 0.005% on April 12, positive for the first time since February 5, 2016, the 12-month Euribor has been in positive territory since April 21.
The 12-month Euribor average rose from 0.992% in July to 1.249% in August.
The Euribor has started to rise more strongly since Feb. 4, after the European Central Bank (ECB) admitted it could raise key interest rates this year due to rising inflation in the eurozone and the trend was reinforced with the start of the Russian invasion of Ukraine on Thursday. February 24.
On September 8, the ECB raised the three main interest rates by 75 basis points, the second consecutive hike this year, as it had raised the three main interest rates by 50 basis points on July 21, the first increase in 11 years, with the aim of bringing inflation back. to push.
At the end of the last meeting, ECB President Christine Lagarde said the historic 75 basis point rise in interest rates was not the “norm”, but emphasized that the assessment would be on a meeting-by-meeting basis.
The evolution of Euribor interest rates is closely related to increases or decreases in the key ECB interest rates.
The three-, six- and twelve-month Euribor rates recorded their lowest ever, at -0.605% on December 14, 2021, -0.554% and -0.518% on December 20, 2021, respectively.
Euribor is determined by the average of the rates at which a group of 57 banks in the eurozone are willing to lend each other money on the interbank market.
Source: DN
