Deposit and lending rates increased in May. According to her data Bank of Greece the weighted average rates of new deposits and new loans increased to 0.28% and 6.04% respectively, resulting in the interest rate spread between new deposits and loans widening to 5.76 percentage points (5.76%) .

In more detail, the average weighted interest rate of all new deposits increased by 3 basis points compared to the previous month and stood at 0.28%.

In particular, the average interest rate on overnight deposits from households remained unchanged at 0.02%, while the corresponding interest rate on corporate deposits remained almost unchanged at 0.11%.

The average interest rate on deposits with an agreed term of up to 1 year from households increased by 9 basis points to 1.31%. The corresponding interest rate on corporate deposits increased by 23 basis points and stood at 2.10%.

On the lending side, the average weighted interest rate of all new loans to households and businesses increased by 19 basis points to 6.04%.

In particular, the average interest rate on consumer loans without a fixed term remained almost unchanged at 15.01%.

The average interest rate on consumer loans with a fixed term and floating rate decreased by 45 basis points and stood at 12.34%. The average interest rate on variable rate mortgages decreased by 23 basis points to 3.83%.

The average interest rate on non-term business loans rose 6 basis points to 6.42%. The corresponding interest rate on professional loans increased by 4 basis points and stood at 7.61%.

The average interest rate on new fixed term and floating rate business loans increased by 43 basis points in May 2023 to 5.99%. The average interest rate on regular maturity loans with a variable interest rate to small and medium enterprises (SMEs) increased by 8 basis points and stood at 6.13%.