Greek banks increased lending rates in January, essentially leaving deposit rates unchanged.

According to Bank of Greece data, the weighted interest rate on all new deposits remained almost unchanged at 0.12%. (from 0.10% in December).

The average interest rate on deposits with an agreed term of up to 1 year from households increased by 13 basis points to 0.46%.

The corresponding corporate deposit rate also increased by 13 basis points to 0.96%.

On the other hand, the weighted average interest rate of all new loans to households and businesses increased by 30 basis points to 5.36%. As a result, the interest rate spread between new deposits and loans increased to 5.24% from 4.96% in December.

In more detail, the average interest rate on consumer loans without a fixed term (category that includes loans through credit cards, open loans and overdrafts from current accounts) increased by 5 basis points and stood at 14.73%.

The average interest rate of consumer loans with a fixed term and variable interest rate increased by 4 basis points and stood at 11.36%.

The average interest rate on variable rate mortgages increased by 9 basis points to 3.90%.

The average interest rate on non-term business loans rose 48 basis points to 5.69%. The corresponding interest rate on professional loans increased by 14 basis points and stood at 7.20%.

The average interest rate on new fixed-term and variable-rate business loans increased by 38 basis points in January 2023 to 4.92%.

The average interest rate on regular maturity loans with a variable interest rate to small and medium enterprises (SMEs) increased by 13 basis points and stood at 4.96%.

Finally, 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 increased by 20 basis points to 6.34%, for loans from 250,001 to 1 million euros it increased by 49 basis points and stood at 5.63% and for loans over 1 million euros it increased by 36 basis points to 4.85%.