Euribor rates rose this Monday to three, six and 12 months from Friday, hitting new highs.
The six-month Euribor rate, most used in Portugal for home loans and entering positive territory on June 6, rose to 1.077% on Monday, up 0.094 points from Friday.
The six-month average Euribor rose from 0.162% in June to 0.466% in July.
The six-month Euribor has been negative for six years and seven months (from November 6, 2015 to June 3, 2022).
The three-month period saw a new high of 0.542% for the ninth consecutive session, up 0.040 from Friday’s 0.542%.
This rate entered positive territory on July 14 for the first time since April 2015.
The three-month Euribor was negative between April 21, 2015 and July 13, 2015 (seven years and two months).
The three-month average Euribor rose from -0.239% in June to 0.037% in July.
As for the 12-month period, Euribor rose today by 0.130 points to 1.612% against 1.482% on Friday.
After soaring 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 average Euribor rate for 12 months increased from 0.852% in June to 0.992% in July.
Euribor began to rise more significantly from 4 February, after the European Central Bank (ECB) acknowledged that it could raise key interest rates this year due to rising inflation in the eurozone, and this trend accelerated with the start of Russia’s invasion of Ukraine on 24 February .
At its monetary policy meeting on July 21, the ECB raised three key interest rates by 50 basis points, the first increase in 11 years, to curb inflation.
The ECB also indicated that it would continue raising interest rates at its next meetings.
Changes in Euribor interest rates are closely linked to increases or decreases in ECB key interest rates.
Three-, six- and 12-month Euribor rates were the lowest ever, respectively: -0.605% on December 14, 2021, -0.554% and -0.518% on December 20, 2021.
Euribor is set on the basis of the average rate at which a group of 57 Eurozone banks are willing to lend money to each other in the interbank market.
Author: Lusa
Source: CM Jornal
