Banks proceeded to cut interest rates in July, keeping nearly unchanged the deposit ratesthereby limiting the margin between them.

More specifically according to Bank of Greece data, the average weighted interest rate of new deposits remained unchanged at 0.34%, while the corresponding interest rate on new loans decreased to 4.49%. The interest rate margin between new deposits and loans decreased to 4.15 percentage points (4.15%) from 4.27 percentage points (4.27%) in June.

The average deposit rate with agreed duration of up to 1 year by households declined by 4 basis points at 1.16%, While the corresponding interest rate on business deposits stood at 1.69% from 1.72% last month.

The average weighted interest rate of all new loans to households and businesses decreased by 12 basis points and It stood at 4.49%.

In particular, the average interest rate on consumer loans without a specified duration (category including credit card loans, open loans and over -running accounts) remained almost unchanged in 14.65%.

The average interest rate on consumer loans with a specific duration and a floating rate increased by 37 basis points and stood at 11.16%, while the average interest rate on a floating rate decreased by 16 basis points and was formed in 3.36%.

The average interest rate on business loans without a specified duration was reduced by 18 basis points and was formed in 4.52%. The corresponding interest rate on business loans increased by 4 basis points and was formed at 6.87%.

The average interest rate on new business loans with a specific duration and a floating rate decreased by 16 basis points and configured in 3.79%. The average interest rate on the expiry of a floating interest rate on small and medium -sized enterprises (SMEs) decreased by 17 basis points and configured in 3.98%.

In terms of interest rates In terms of the loan, it is noted that the average interest rate for loans up to 250,000 remained almost unchanged at 4.73%, for loans from 250.001 to 1 million euros remained almost unchanged to 4.26%, while loans of over EUR 1 million decreased by 14 points to 3.7%.