ECONOMY
Interest rate spread at Greek banks widened in April

The interest rate spread between new deposits and loans increased to 5.60 percentage points in April, as the weighted average interest rate on new deposits remained almost unchanged at 0.25%, while the corresponding rate on new loans increased to 5.85%, the Bank of Greece said on Tuesday.

In a report, the central bank said that the weighted average interest rate on outstanding amounts of deposits increased to 0.29%, while the corresponding rate on loans rose to 5.84%.

The interest rate spread between outstanding amounts of deposits and loans increased to 5.55 percentage points.

In particular, the average interest rate on overnight deposits placed by households remained almost unchanged at 0.02%, while the corresponding rate on deposits by non-financial corporations remained unchanged at 0.10%.

The average interest rate on deposits from households with an agreed maturity of up to one year increased by 6 basis points to 1.22%.

The corresponding rate on deposits from non-financial corporations rose by 40 bps to 1.87%.

The weighted average interest rate on new loans to households and non-financial corporations increased by 12 bps to 5.85%.

The average interest rate on consumer loans without a defined maturity (a category that comprises credit cards, revolving loans and overdrafts) increased by 13 bps to 15.03%.

In April 2023, the average interest rate on new corporate loans with a defined maturity at a floating rate rose by 5 bps to 5.56%.

The average interest rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises increased by 37 bps to 6.05%.

Source: Ekathimerini.com

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