The weighted average rate on new deposits remained almost unchanged at 0.02% in May 2022, while the weighted average rate on new loans fell to 3.86%, narrowing the margin to 3.84% from 4, 14% which was the previous month.
According to data from the Bank of Greece, the average interest rates on overnight deposits from households and businesses remained unchanged at 0.02% and 0.00% respectively. The average interest rate on deposits with an agreed duration of up to 1 year from households remained almost unchanged, compared to the previous month, at 0.12%.
On the loans side, the average interest rate on consumer loans without a fixed term (a category that includes credit card loans, open loans and overdrafts from current accounts) decreased by 43 basis points and stood at 14.19%.
The average interest rate on fixed-term and variable-rate consumer loans decreased by 5 basis points to 11.00%. In contrast, the average interest rate on variable rate mortgages rose 25 basis points to 2.65%.
The average interest rate on business loans without a fixed term decreased by 6 basis points to 3.77%. The corresponding interest rate on professional loans also decreased by 16 basis points to 6.35%.
The average interest rate on new fixed term and floating rate business loans decreased by 60 basis points in May 2022 to 2.89%. The average interest rate on regular maturity loans with a variable interest rate to small and medium enterprises (SMEs) increased by 4 basis points and stood at 3.57%.
Regarding the structure of interest rates in terms of the amount of the loan, it is noted that the average interest rate for loans up to 250,000 euros remained unchanged at 4.67%, for loans from 250,001 to 1 million euros it decreased by 6 basis points to 3.33% and for loans over 1 million euros it decreased by 83 basis points to 2.61%.
Source: Capital
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