BOG reports interest rates on deposits,loans
In January 2013, the overall average interest rate on new deposits decreased, while the corresponding interest rate on new loans increased. The interest spread between loan and deposit rates increased by 16 basis points to 3.07 percentage points.
More specifically, in January 2013, the average interest rates on overnight deposits from households and from nonfinancial corporations remained almost unchanged at 0.48% and 0.47% respectively.
The average interest rate on deposits from households with an agreed maturity of up to one year decreased by 11 basis points to 4.59%. The overall average interest rate on all new deposits decreased by 4 basis points to 2.81%.
In the case of loans, the average interest rate on consumer loans without a defined maturity (a category which includes credit card debt, open account loans and debit balances on current accounts) remained almost unchanged, in January 2013, at 14.77%. On the contrary, the average interest rate on consumer loans with a defined maturity at a floating rate or with an initial rate fixation period of up to one year increased by 31 basis points to 7.91%.
The average interest rate on corporate loans without a defined maturity decreased by 6 basis points to 7.46%, while the corresponding rate on loans to sole proprietors remained unchanged at 10.03%. The average interest rates on corporate loans with a defined maturity at a floating rate or with an initial rate fixation period.