Six-month Euribor reaches 4.072 percent

Money. Source: Siim Lõvi/ERR

A figure tied to many loans in Estonia, the six-month Euribor, or Euro Interbank Offered Rate, reached 4.072 percent on Thursday, up from 4.04 percent on week.

The three-month Euribor reached 3.955 percent this Thursday, up from 3.867 percent a week prior.

The 12-month Euribor, meanwhile, rose to 4.224.

All three reached new highs since their respective 2008 peaks.

From the end of 2015 through last June, the six-month Euribor had remained below zero percent, clocking at -0.041 percent on January 4, 2016. It reached just above zero percent early last June, however, and broke above the 1-percent mark in August 2022 before continuing to climb.

The six-month Euribor exceeded the 4-percent mark for the first time since 2008 last Thursday, September 14, following the European Central Bank (ECB) Governing Council decision to hike interest rates once again.

The six-month rate peaked in December 2008 at 5.448 percent.

Interbank offered rates

Euribor rates are based on the interest rates at which a panel of European banks borrow funds from one another, according to the Euribor homepage.

Prior to the latest economic crisis, the Euribor typically stood between 2-5 percent.

The London Inter-Bank Offered Rate (Libor) was a similar rate monitored as a key base rate in countries outside the Eurozone, including the U.S. and U.K. Phased out in stages, the U.S. dollar-based Libor ceased publication for one-, three- and six-month settings on June 30 this year.


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Editor: Aili Vahtla

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