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The increase in interest on loans in euros, individuals are returning loans in lek

2023-11-24 11:23:47Biznes SHKRUAR NGA REDAKSIA VOX

The increase in interest on loans in euros, individuals are returning loans in

Interest rates on home purchase loans in euros marked a further increase in September, touching the highest levels in years.

According to data from the Bank of Albania, for the month of September, the average interest rate for new loans in euros reached 5.64%. This is the highest level recorded since the European Central Bank (ECB) started raising interest rates last year.

The basic interest rate applied by the ECB has reached the highest historical level of 4.5%, while the main benchmark indicator used in the price of loans with variable interest rates in euros, the 12-month Euribor, is slightly above the level of 4 %.

The increase in September has deepened the interest rate gap with loans in Lek. Always referring to the Bank of Albania, the average interest rate for new home purchase loans in Lek in September was 4.13. Although the average interest on loans in Lek has increased slightly, the increase has been lower compared to loans in Euro. This has caused the difference between the average interest rate on home loans in Lek and those in Euro to reach 1.51%, the highest level ever recorded.

For the first time in the history of the Albanian banking sector, this year interest rates for loans in lek are lower than those in euros. This is mainly determined by the inhibition of the increase in interest rates by the Bank of Albania, which is maintaining significantly more relaxed monetary conditions compared to the European Central Bank. Even after the last increase, in November, the base interest rate for the lek is significantly lower compared to that of the euro, namely 3.25% versus 4.5%.

The strengthening of the lek and lower interest rates for loans in the local currency this year have caused many borrowers to convert their loans from euro to lek.

In its analysis, the Bank of Albania concludes that many businesses and individuals who had loans in foreign currency and mainly in euros have chosen to return these loans to the local currency. The main factors that have supported this shift have been the appreciation of the local currency, the lower interest rates of the mortgage loan in Lek compared to that in Euro, as well as the regulatory facilities for changing the currency of the loan without penalty.

 

 


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