Interest rates, favorable for loans in lek - BoA: 3.8% on loans for home purchase. Consumer, with higher volatility
The reduction to 2.5% that the Bank of Albania made to the base interest rate during July was immediately reflected in the reduction of interest rates by commercial banks, while the impact that this move will have on other sectors is expected to be felt more in the future.
According to the Quarterly Monetary Policy Report of the Bank of Albania, interest rates on loans in lek continue to fluctuate at low levels. For loans up to 35 million lek to businesses, interest rates have decreased, while for loans over 35 million lek they have increased. So, the increase has been present in large loans over 140 million lek, while for small loans it has not. In general, the interest rate on new loans for businesses averaged 6.7% in the second quarter, from 6.4% in the first quarter.
On the other hand, interest rates on loans in lek that citizens took out to buy or build a house did not change. Rates were at 3.8% for citizens' mortgage loans, staying close to the average recorded since the easing of monetary policy in June last year.
What about consumer loans, how have interest rates moved?
Consumer loan rates have had higher volatility, rising to 8.9% this quarter, after a very low level of 8.2% in the first quarter of the year.
Meanwhile, in terms of loans in euros, rates remained stable for businesses and increased slightly to 5.1% for mortgage loans to individuals. The decline in the average interest rate on new loans in euros for businesses, which began in August last year, was halted in the second quarter. By size, rates have fallen slightly for small loans up to 250 thousand euros and for medium-sized loans, but have increased for large loans over 1 million euros.
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