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Interest rate spread unchanged in November

The average interest rate on consumer loans with a defined maturity at a floating rate increased by 40 basis points to 10.69%. The average interest rate on housing loans at a floating rate decreased by 7 basis points to 2.84%.

The spread between loan and deposit rates stood at 4.15 percentage points in November, unchanged from the previous month, as the overall weighted average interest rates on new deposits and new loans remained almost unchanged, the Bank of Greece said in a report on Tuesday.

The central bank, in a monthly report, said that the overall weighted average interest rate on all new deposits remained almost unchanged at 0.19%. In particular, the average interest rate on overnight deposits placed by households and the corresponding rate on deposits by non-financial corporations remained unchanged at 0.09% and 0.15% respectively. The average interest rate on deposits from households with an agreed maturity of up to 1 year stood at 0.36% from 0.39% in the previous month. The overall weighted average interest rate on all new loans to households and non-financial corporations remained almost unchanged at 4.34%.

More specifically, the average interest rate on consumer loans without a defined maturity (a category which comprises credit cards, open account loans and overdrafts) increased by 4 basis points to 14.51%.

The average interest rate on consumer loans with a defined maturity at a floating rate increased by 40 basis points to 10.69%. The average interest rate on housing loans at a floating rate decreased by 7 basis points to 2.84%.

The average interest rate on corporate loans without a defined maturity decreased by 8 basis points to 4.70%. The corresponding rate on loans to sole proprietors remained almost unchanged at 6.73%.

The average interest rate on corporate loans with a defined maturity at a floating rate remained almost unchanged at 3.46%, in November 2019.

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