The banks kept them frozen deposit rates in Marchproceeding at the same time to increase lending rates.

This practice had the effect of further increasing the profit margin of the banks, which according to the data of the Bank of Greece reached 5.43% from 5.21% which was at the beginning of the year.

In more detail, the weighted average interest rate of all new deposits remained unchanged almost unchanged at 0.23%.

In particular, the average overnight deposit rates from households and businesses were unchanged at 0.03% and 0.10% respectively.

The average interest rate on deposits with an agreed term of up to 1 year from households increased by 12 points base at 1.16%. The corresponding interest rate on corporate deposits increased by 19 basis points and stood at 1.47%. It is noted that a large part of new household deposits are moving from savings deposits to term deposits with an agreed duration of more than 1 year.

The amount of new deposits of this category increased to €3.6 billion in March 2023 from €229 million in December 2022; while the average interest rate increased, in March 2023, to 1.83%, from 1.04% in December 2022.

However, it is recalled that, according to the data announced by the Bank of Greece, the increase in deposits from households in March was only 738 million euros compared to a decrease of 202 million euros the previous month.

Regarding loans, the weighted average interest rate of all new loans to households and businesses increased by 16 units base at 5.73%.

In particular, 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) increased by 7 units base and formed at 14.90%.

The average interest rate of consumer loans with a fixed term and variable interest rate increased by 36 base units and amounted to 12.08%. The average interest rate on variable rate mortgages decreased by 16 basis points to 3.82%.

The average interest rate on business loans without a fixed term increased by 10 units base at 5.95%. The corresponding interest rate on professional loans increased by 13 base units and formed in 7.43%.

The average interest rate on new fixed-term and variable-rate business loans increased by 24 base units, in March 2023, and formed at 5.51%. The average interest rate on fixed-term loans with a variable interest rate to small and medium-sized enterprises (SMEs) increased by 26 basis points and stood at 5.68%.