The gap in interest rates between new deposits and loans widened in July, while it decreased between existing deposits and loans.

In particular, according to the data of the Bank of Greece the weighted average interest rate of all new deposits remained unchanged, compared to the previous month, to 0.57%. Average overnight deposit rates from households and businesses were unchanged at 0.03% and 0.20% respectively. The average interest rate on deposits with an agreed term of up to 1 year from households remained almost unchanged at 1.87%, while the corresponding interest rate on deposits from businesses decreased by 5 basis points to 3.11%.

New Loans

The weighted average interest rate of all new loans to households and businesses increased by 9 basis points and formed in 5.86%.

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) remained almost unchanged at 14.93%.

The average interest rate of consumer loans with a fixed term and variable interest rate increased by 11 basis points and stood at 12.34%, while the average interest rate on variable rate mortgages decreased by 28 basis points and stood at 4.42%.

The average interest rate on business loans undefined decreased by 13 basis points to 6.48%. The corresponding interest rate on professional loans decreased by 7 basis points and stood at 7.48%.

The average interest rate of new business loans with a specific duration and variable interest rate increased by 22 basis points and stood at 5.63%. The average interest rate on fixed term floating rate loans to small and medium enterprises (SMEs) remained almost unchanged at 5.87%.