The gap between deposit and loan interest rates in Greece widened once again last month, as domestic banks maintained steady deposit rates while increasing borrowing rates.
Data from the Bank of Greece for June 2024 revealed that the average weighted interest rate for new deposits held steady at 0.57%, while the rate for new loans climbed to 5.78%. Consequently, the interest rate margin between new deposits and loans expanded to 5.21% from 4.98% in May.
Specifically, the average interest rate on overnight deposits from households remained unchanged at 0.03%, while the corresponding rate on deposits from businesses rose to 0.20% from 0.17% the previous month.
The average interest rates on deposits with an agreed maturity of up to one year from households and businesses remained nearly unchanged at 1.86% and 3.16%, respectively.
On the lending side, the average weighted interest rate on all new loans to households and businesses increased by 24 basis points to 5.78%.
In particular, the average interest rate on consumer loans without a fixed duration—which includes credit card loans, open loans, and overdrafts on current accounts—decreased by 7 basis points to 14.92%.
The average interest rate on consumer loans with a specific duration and variable interest rate increased by 12 basis points to 12.23%, while the average interest rate on variable-rate housing loans decreased by 26 basis points to 4.70%.
Furthermore, the average interest rate on business loans without a specific duration decreased by 6 basis points to 6.61%, with the corresponding rate on professional loans also decreasing by 6 basis points to 7.55%.
The average interest rate on new business loans with a specific duration and variable interest rate remained nearly unchanged at 5.41%, while the average rate on fixed-term loans with a variable interest rate to small and medium-sized enterprises (SMEs) decreased by 29 basis points to 5.88%.
Source: tovima.com
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