Lending and deposit rates increased in November 2023, with the result that the margin between them remained unchanged at 5.92%.

In more detail, according to data from the Bank of Greece, the weighted average interest rates on new deposits and new loans increased in 0.50% and 6.25% respectively resulting in the interest rate spread between existing deposits and loans remaining almost unchanged at 5.92%.

In particular, the average interest rate on overnight deposits from households was unchanged at 0.03%while the corresponding interest rate on corporate deposits increased by 4 basis points and stood at 0.22%.

The average interest rate on deposits with an agreed term of up to 1 year from households remained unchanged almost unchanged at 1.79%. The corresponding interest rate on corporate deposits increased by 8 basis points and stood at 3.14%.

On the loans side, 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 6 basis points and stood at 14.96%.

The average interest rate on fixed-term and variable-rate consumer loans was almost unchanged at 12.61%, while the average interest rate on variable-rate mortgages was unchanged at 5.10%.

The average interest rate on business loans without a fixed term was almost unchanged at 6.87%. The corresponding interest rate on business loans also remained almost unchanged at 7.77%.

The average interest rate on new business loans with a specific term and floating rate increased by 11 basis points, in November 2023, and amounted to 6.04%. The average interest rate on regular maturity loans with a variable interest rate to small and medium enterprises (SMEs) increased by 26 basis points and stood at 6.23%.

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 8 basis points to 5.79%, for loans from 250,001 to 1 million euros it increased by 39 basis points and stood at 6.15%, while for loans over 1 million euros it increased by 5 basis points and stood at 6.04%.