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Statistical Press Release – Banking interest rates on new loans and deposits – August 2020

Today, Banco de Portugal publishes statistics, in Table A.10 of the Statistical Bulletin and in BPstat, on banking interest rates on new loans and deposits of non-financial corporations and households for August 2020.

Interest rates on new loans

In August, the average interest rate on new loans granted to non-financial corporations decreased by 3 basis points (b.p.) to 1.96%.

The interest rate on operations above €1 million stood at 1.53% (1.88% in July) (Chart 1) and the interest rate on operations below €1 million at 2.27% (2.06% in July). 

The average interest rate on new loans to households for house purchase declined by 11 b.p. to a new historical low of 0.98% (Chart 2). The average interest rate on loans for consumption stood at 6.63% and the interest rate on loans for other purposes stood at 3.38%. The rates for July were 6.54% and 3.19%, respectively.

The volumes of new loans for house purchase, consumption and other purposes totalled €854 million, €363 million and €152 million respectively (Chart 3).

Interest rates on new deposits

In August 2020, the average interest rate on new deposits with a maturity of up to one year of non-financial corporations stood at a new historical low of 0.04%, decreasing by 2 b.p. from the previous month (Chart 4).

In the case of households, the average interest rate on new deposits with a maturity of up to one year remained unchanged at 0.06% (Chart 5).

Next update: 2 Nov. 2020