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Statistical Press Release - Banking interest rates on new loans and deposits – July 2019

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 July 2019.

Interest rates on new loans

In July the average interest rate on new loans granted to non-financial corporations was 2.22% (2.26% in June). 

The interest rate on operations above €1 million stood at 1.89% (Chart 1) and the interest rate on operations below €1 million at 2.49% (a new historical low), narrowing the gap between the two rates compared with the previous month. 

The average interest rate on new loans to households for house purchase decreased by 7 basis points (b.p.) to 1.26% (Chart 2), also a new historical low. The average interest rates on loans for consumption and other purposes were 7.00% and 4.21% respectively.

The volumes of new loans for house purchase, consumption and other purposes totalled €967 million, €515 million and €183 million respectively. The amount of new loans for consumption corresponds to a record high.

Interest rates on new deposits

In July 2019 the average interest rate on new deposits with a maturity of up to one year of non-financial corporations stood at 0.12%, increasing by 3 b.p. from the previous month (Chart 3). In the case of households, the average interest rate on new deposits with a maturity of up to one year dropped to a historical low, of 0.11% (Chart 4).

Next update: 8 Oct. 2019