Interest rates remain unchanged

Interest rates remain unchanged

In November 2019, both the weighted average interest rate of all new deposits as well as the corresponding rate on new loans remained virtually unchanged. The interest margin stood at 4.15 percentage points.

In particular, according to data from the Bank of Greece, the weighted average interest rate on all new deposits remained generally stable at 0.19%.

In particular, the average interest rates on overnight deposits from households and businesses remained the same at 0.09% and 0.15% respectively. The average rate of household deposits with an agreed maturity of up to 1 year stood at 0.36% from 0.39% in the previous month.

New Loans

The weighted average interest rate on all new loans to households and businesses remained generally unchanged at 4.34%.

In particular, the average interest rate on consumer loans with no fixed maturity (including credit card loans, open loans and current account overdrafts) increased by 4 basis points to 14.51%.

The average interest rate on consumer loans with a fixed maturity and a floating rate increased by 40 basis points to 10.69%. The average interest rate on floating rate mortgages decreased by 7 basis points to 2.84%.

The average interest rate on unsecured business loans fell by 8 basis points to 4.70%. The corresponding rate on professional loans remained almost unchanged at 6.73%.

The average interest rate on business loans with fixed maturity and floating rate remained more or less the same at 3.46% in November 2019, while the amount of new loans decreased to 564 million euro, against 625 million in the previous month.

Specifically, the average interest rate on floating rate loans for small and medium-sized enterprises (SMEs) decreased by 6 basis points to 3.78%, while the corresponding loans amounted to 210 million euro in November 2019, against last month’s 214 million.

As for the loan structure of interest rates, it is noted that the average interest rate for loans up to 250,000 decreased by 17 basis points to 4.75%; for loans from 250,001 to 1 million it fell by 20 basis points to 3,64%; for loans of more than 1 million it remained virtually unchanged at 3.33%. /ibna