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GreeceBusinessInterest rate spread on new deposits and loans down in June

Interest rate spread on new deposits and loans down in June

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The interest rate spread between new deposits and loans decreased to 5.51 percentage points in June, the Bank of Greece said on Wednesday.

The central bank, in a monthly report, said that the weighted average interest rate on new deposits increased to 0.31%, while the one on new loans decreased to 5.82%, and the weighted average interest rates on outstanding amounts of deposits and loans increased to 0.37% and 6.14% respectively.

The interest rate spread between outstanding amounts of deposits and loans increased to 5.77 percentage points.

The weighted average interest rate on new deposits increased by 3 basis points to 0.31%, compared to the previous month. In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.02%, while the corresponding rate on deposits by non-financial corporations remained almost unchanged at 0.12%. The average interest rate on deposits from households with an agreed maturity of up to 1 year increased by 11 basis points to 1.42%. The corresponding rate on deposits by non-financial corporations increased by 18 basis points to 2.28%.

The weighted average interest rate on new loans to households and non-financial corporations decreased by 22 basis points to 5.82%. More specifically, the average interest rate on consumer loans without a defined maturity (a category that comprises credit cards, revolving loans and overdrafts) decreased by 14 basis points to 14.87%. The average interest rate on consumer loans with a defined maturity at a floating rate increased by 24 basis points to 12.58%. The average interest rate on housing loans at a floating rate increased by 20 basis points to 4.03%. The average interest rate on new corporate loans without a defined maturity increased by 8 basis points to 6.50%. The corresponding rate on loans to sole proprietors increased by 7 basis points to 7.68%. In June 2023, the average interest rate on new corporate loans with a defined maturity at a floating rate decreased by 36 basis points to 5.63%. The average interest rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) decreased by 64 basis points to 5.49%.

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The weighted average interest rate on outstanding amounts of deposits (including overnight deposits) increased by 4 basis points to 0.37%. In particular, the average interest rate on outstanding amounts of deposits with an agreed maturity of up to 2 years placed by households increased by 11 basis points to 1.36%. The corresponding rate on deposits by non-financial corporations increased by 22 basis points to 2.20%.

The weighted average interest rate on outstanding amounts of loans increased by 22 basis points to 6.14%. In particular, the average interest rate on outstanding amounts of housing loans with over 5 years’ maturity remained unchanged at 4.39%. The corresponding rate on consumer and other loans to individuals and private non-profit institutions increased by 7 basis points to 7.89%.

The average interest rate on corporate loans with over 5 years’ maturity increased by 40 basis points to 6.08%. The corresponding rate on loans to sole proprietors increased by 7 basis points to 7.06%.

SOURCE; ANA-MPA

The copyrights for these articles are owned by the Hellenic News of America. They may not be redistributed without the permission of the owner. The opinions expressed by our authors do not necessarily reflect the opinions of the Hellenic News of America and its representatives.

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