The cost of money rose last July, according to Bank of Greece (BoG) data. In particular, the interest rate margin increased by 4.3% in July 2019, while the weighted average interest rate on all new deposits remained unchanged, with the corresponding rate on new loans increasing in the same month, according to BoG data.
The average rate of overnight deposits remained unchanged at 0.09%, while the corresponding rate on corporate deposits decreased by 3 basis points to 0.13%. The average interest rate on household deposits with an agreed maturity of up to 1 year remained virtually unchanged at 0.57%.
At the same time, the weighted average interest rate on all new loans to households and businesses increased by 5 basis points to 4.57%.
In particular, the average interest rate on consumer loans with no fixed maturity (including credit card loans, open loans and overdrafts) remained virtually unchanged at 14.34%.
The average interest rate on floating rate mortgages increased by 14 basis points to 3.22%. The average interest rate on consumer loans with a fixed maturity and a floating rate decreased by 41 basis points to 10.41%.
The average interest rate on business loans without fixed maturity, as well as the interest rate on business loans, remained virtually unchanged at 4.91% and 6.80% respectively.
The average interest rate on business loans with a fixed maturity and a floating rate increased by 12 basis points to 3.54%, while the amount of new loans decreased to 759 million euros against 1,196 million euros in the previous month. In particular, the average interest rate on floating rate loans to small and medium-sized enterprises (SMEs) increased by 19 basis points to 3.90%, while the corresponding amount of loans decreased to 311 million euros in July 2019 against 498 million euro last month.
Regarding the structure of interest rates on the loan amount, it is noted that the average interest rate for loans up to 250,000 euros it remained almost unchanged at 4.90%, for loans from 250,001 euros to 1,000,000 euros it also remained almost unchanged at 3.91%, while for loans over EUR 1 million it increased by 8 basis points to 3.41%./ibna