The National Bank of Serbia published an explainer in its “Useful to Know” series on EURIBOR, describing how the benchmark is set, what drives it and how changes feed through to monthly payments on euro-indexed variable-rate loans in Serbia. The article says EURIBOR is driven primarily by European Central Bank policy rates, but also by broader economic, financial and geopolitical shocks. After rising from negative territory to about 4% by the end of 2023, the rate declined as the European Central Bank began easing in June 2024, then became more volatile and moved slightly upward from February 2026 amid greater global uncertainty and the outbreak of war in the Middle East. The explainer reports the three-month EURIBOR at 2.27% and the six-month EURIBOR at 2.55%. The piece notes that most euro-indexed variable-rate loans in Serbia use the three-month or six-month EURIBOR and combine that reference rate with a fixed bank margin, so changes affect borrowing costs at the reset intervals set in loan contracts. On the near-term outlook, it says future EURIBOR movements will continue to depend mainly on European Central Bank decisions, and that market expectations currently point more to a rate increase than a cut because an energy shock is pushing euro area inflation up and GDP down. The article also says interest rates on euro-indexed loans in Serbia remained relatively stable in April 2026 at 5.2% for corporates, 4.6% for households and 4.4% for housing loans, and reiterates that Serbian borrowers are protected by the Law on the Protection of Financial Services Users adopted in March 2025, which permanently limits interest rates on housing loans and other retail credit products after earlier temporary caps.
National Bank of Serbia2026-06-08
National Bank of Serbia explains EURIBOR outlook and borrower protections for euro indexed loans
The National Bank of Serbia published an explainer on EURIBOR, outlining how it is set, recent movements, and its impact on monthly payments for euro-indexed variable-rate loans in Serbia. It reports the three-month EURIBOR at 2.27% and the six-month at 2.55%, notes that most such loans reference these tenors plus a fixed margin, and highlights that future EURIBOR paths will depend mainly on European Central Bank decisions amid higher euro area inflation and weaker GDP. The article reiterates borrower protections under the March 2025 Law on the Protection of Financial Services Users, which permanently caps rates on housing and other retail loans.