NewsLocalIncrease of interest rates means increase of installments

Increase of interest rates means increase of installments

Thousands recipients of housing and business loans with a floating interest rate or a Euribor interest rate will realize that their installments will increase by 50 euros or more, at a time of high inflation.

The European Central Bank on Thursday increased interest rates for the first time in 11 years in an attempt to cool rampant inflation in the euro-zone.

The ECB, the central bank of the 19 nations that share the euro currency, surprised markets by pushing its benchmark rate up by 50 basis points, bringing its deposit rate to zero.

This change will affect lenders whose loans have a floating interest rate, even though in recent years banks and lenders prefer fixed interest rates.

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