Belgian long-term interest rates back above 3%

Belgian long-term interest rates back above 3%
Credit: Jonas Hamers/Belga

Belgium's long-term interest rates increased to over 3% on Wednesday, reaching their highest level since the beginning of 2023. They stood at less than 1% a year ago.

Higher interest rates will see borrowing become more costly in Belgium, particularly for the Belgian Government whose borrowing costs have recently reached "unprecedented" record-high levels.

Belgian interest rates have risen in response to the European Central Bank's (ECB) current forecast, which provides for potential rate increases owing to inflation. The ECB chose to raise its own interest rates to 2.5% in December, the highest level since the global financial crisis of 2008.

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