Interest rates on new deposits of households recorded the largest change for deposits with agreed maturity in October. As regards non-financial corporations, the rate on deposits with agreed maturity saw the largest change.
The interest rate on household deposits with agreed maturity increased by 0.39 percentage point to 1.12%. The interest rate on overnight deposits changed for the first time since February, rising to 0.12%. The interest rate on current account deposits edged up to 0.05%. The interest rate on deposits redeemable at notice also increased, at 1.17% (the only rate to include, besides the household sector, similar deposits of non-financial corporations, which are negligible in this category).
The rate on deposits of non-financial corporations with agreed maturity picked up by 0.56 percentage point to 1.12%. The interest rate on overnight deposits rose slightly, to 0.10%. The interest rate on current account deposits also increased, reaching 0.08%. Deposits with agreed maturity of up to one year (which as a rule account for 100% of all deposits with agreed maturity in the case of this sector) were remunerated at a higher rate (1.12%).
Chart 1 - Interest rates of commercial banks on CZK deposits held by Czech residents - new business
Within interest rates on new loans to households, consumer credit recorded the most significant change in October. Interest rates on loans to non-financial corporations recorded the largest change for loans of over CZK 30 million.
The overall interest rate on consumer credit, loans for house purchase and other loans rose to 3.55%. The interest rate on consumer credit fell by 0.14 percentage point month on month to 7.45%. The interest rate on loans for house purchase increased to 2.56%. The interest rate on building society loans also increased slightly, reaching 3.94%. The interest rate on mortgage loans rose to 2.48%, up by 0.40 percentage point on a year earlier. The interest rate on other loans increased to 3.18%. The interest rate on credit cards fell to 17.47%. The interest rate on overdrafts and revolving loans rose to 12.11%.
Interest rates on new loans to non-financial corporations (excluding overdrafts, revolving loans and credit cards) increased to 2.89%. The rate on loans of up to CZK 7.5 million was up to 4.05%. The rate on loans of over CZK 7.5 million and up to CZK 30 million rose to 3.45% and the rate on new loans of over CZK 30 million increased by 1.04 percentage points to 2.78%. The interest rate on overdrafts, revolving loans and credit card loans also went up, reaching 3.44%. The interest rate on overdrafts was unchanged at 3.66%.
Chart 2 - Interest rates of commercial banks on CZK loans provided to Czech residents - new business
The average interest rates on outstanding amounts of deposits of households changed only marginally in October, while the rates on deposits of non-financial corporations saw more significant changes.
The average changes in interest rates on outstanding amounts of loans to households were just a few basis points in October. Interest rates on outstanding amounts of loans to non-financial corporations recorded larger changes.
The overall interest rate on loans to households was unchanged at 3.26%. The interest rate on loans for house purchase stayed at its July level of 2.40% (with the rate on outstanding amounts of mortgage loans edging up to 2.26%). The rate on consumer credit decreased to 8.24% and the rate on other loans declined to 3.36%.
The average interest rate on loans to non-financial corporations rose to 3.22%. The rate on loans with maturity of up to one year increased to 3.41%. The rate on loans with maturity of over one year and up to five years rose to 3.59%. The rate on loans with maturity of over five years increased to 3.01%.
Notes:
- Interest rate statistics are based on Regulation of the European Central Bank on interest rates applied by monetary financial institutions to deposits and loans vis-à-vis households and non-financial corporations (ECB/2013/34) (pdf, 1 MB).
- The concept of new business and outstanding amounts
- In the case of specific indicators - overnight deposits, deposits redeemable at notice, bank overdrafts, revolving loans and credit card loans - the concept of new business is extended to the whole outstanding amount.
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Ceska Narodni Banka published this content on 30 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 November 2021 09:30:02 UTC.
