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Economy

Greek Banks Raised Deposit Interest Rates by 0.04% in December

February 2, 2023

ATHENS – Greek banks raised deposit interest rates by an average 0.04% in December, with the weighted average interest rate on new deposits at 0.10%, the Bank of Greece said on Thursday.

The central bank, in a monthly report, said that the weighted average interest rate on new deposits increased by 4 basis points to 0.10%. In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.03%, while the corresponding rate on deposits by non-financial corporations stood at 0.05% compared with 0.03% in the previous month. The average interest rate on deposits from households with an agreed maturity of up to 1 year increased by 13 basis points to 0.33%.

The weighted average interest rate on new loans to households and non-financial corporations increased by 17 basis points to 5.06%. More specifically, the average interest rate on consumer loans without a defined maturity (a category that is comprised of credit cards, revolving loans and overdrafts) increased by 8 basis points to 14.68%. The average interest rate on consumer loans with a defined maturity at a floating rate increased by 25 basis points to 11.32%. The average interest rate on housing loans at a floating rate increased by 18 basis points to 3.81%. The average interest rate on new corporate loans without a defined maturity increased by 19 basis points to 5.21%. The corresponding rate on loans to sole proprietors increased by 9 basis points to 7.06%.

In December 2022, the average interest rate on corporate loans with a defined maturity at a floating rate increased by 24 basis points to 4.54%. The average interest rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) increased by 15 basis points to 4.83%.

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