Euro or Lek loans, where do you pay less interest? BoA report: Borrowing became cheaper in the third quarter of the year
During the third quarter of the year, banks in Albania have reduced interest rates on many types of loans in lek. This means that obtaining a loan has become cheaper for citizens and businesses.
Businesses that took out loans in lek paid an average of 6.4% interest, down from 6.7% in the previous quarter. Interest rates on small loans, up to 35 million lek, which are typically taken out by small businesses, have decreased slightly throughout the year. Large loans have also decreased slightly, from 6.4% to 6.2%.
According to the Bank of Albania's Monetary Policy Report, loans with a fixed interest rate for one year have become cheaper, while those with a fixed interest rate for more than one year have not changed.
A citizen who took out a home loan in the July-September period paid an average of 3.9% interest, the same as before. While for consumer loans, such as for purchases or personal expenses, the interest rate has dropped from 8.9% to 8.5%.
Businesses that took out loans in euros paid about 5.7% interest, unchanged from previous quarters. Small and large loans in euros have become cheaper, but medium-sized ones are slightly more expensive. For individuals taking out home loans in euros, the interest rate remains at 5.0%.
Regarding time deposits, the interest in lek was 1.7% and in euro it is 1.2% — the same as before. The difference between them is about 0.6 percentage points, as it has been in recent years.
In short, borrowing has become cheaper in most cases, while deposits have not changed. This shows that banks are supporting borrowing at a time when the economy is doing well.
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