#Interest #rates #deposits #continue #rise #January
The average interest rate on savings on a monthly basis reported a decrease compared to December, except for company deposits made in BGN
The average interest rate on bank deposits increased significantly on an annual basis in January, according to the latest data from the interest statistics of the Bulgarian National Bank (BNB). However, on a monthly basis, interest rates are decreasing, with the exception of those on business savings made in BGN, where there is a slight increase, according to the latest data from the interest statistics of the Bulgarian National Bank (BNB).
Business deposits
In January, compared to December 2023, the average interest rate on company deposits with contractual maturity (DDM) in BGN increased by 0.06 percentage points to 2.31%. In one year, however, the increase was significant – by 1.84 p.p. For savings in euros, the reduction per month is 0.02 p.p. and the interest rate drops to 2.87%. For a year, however, the growth here is also serious – by 1.92 p.p.
The average interest rate on overnight deposits in levs for a month is almost unchanged at the level of 0.03%, and on those in euros – at 0.08%.
The central bank calculates that the volume of new business for deposits with agreed maturity in BGN decreased by 13.3% (BGN 103.5 million) to BGN 676.5 million, and for those in Euro – by 29 .6% (BGN 154.4 million) to BGN 367.7 million.
Household savings
In January, the average interest rate on deposits with agreed maturity in BGN fell on a monthly basis by 0.21 p.p. to 0.74% for a year-on-year increase of 0.46 pp. In the case of savings in euros, the monthly drop is 0.35 pp. up to 1.06%. For a year, the interest rate grows by 0.18 p.p.
The average interest rates on overnight deposits in BGN and EUR remain at their levels since December – 0.01%.
The average interest rates on deposits agreed to be used after notice in BGN and in EUR also kept their levels from December – 0.10% and 0.15%, respectively.
The volume of new business on deposits with agreed maturity in BGN for one month increased by 0.4% (0.9 million BGN) to 269.4 million BGN, and on deposits with agreed maturity in Euro decreased by 14, 9% (BGN 33.4 million) to BGN 191.3 million.
INTEREST PERCENTAGES ON NEW BUSINESS ON DEPOSITS WITH CONTRACTUAL MATURITY OF NON-FINANCIAL ENTERPRISES AND HOUSEHOLDS SECTORS
Source: BNB
