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Loan interest increases slightly

2024-08-17 22:07:00, Ekonomi CNA

Loan interest increases slightly

The second quarter of the year was characterized by a slight increase in interest rates for business loans and a decrease in those for consumer and mortgage loans of individuals. However, the current interest levels are close to the averages observed in the last two years.

According to data from the Bank of Albania, the average interest for new loans in lek given to businesses was 6.8% in the second quarter, from 6.6% in the first quarter. This trend was present in all loan sizes. In a longer-term perspective, current interest rates for business loans are close to the average recorded during 2023.

Interests on personal loans showed the opposite trend. They have decreased, after the increase recorded in the first quarter, returning to the average of the second half of last year. Mortgage loan interest averaged 4.1% in this quarter, from 4.5% in the first quarter. Meanwhile, consumer loan interest decreased to 9.5% from an average of 9.7% in the previous quarter. Taking a longer view, personal loan interest rates have hovered near these average levels since 2022.


Interest rates for loans in euros have increased further for individuals, while for businesses they have stabilized at high levels. The average interest of new loans in euros for businesses was 7%, the same as in the first quarter. Within this category, the slight decrease in interest in small and medium loans (up to 1 million euros) has compensated for the increases in large loans. Meanwhile, the mortgage loan interest in euros for individuals continued to increase to 5.8%, from the 5.5% average recorded in the first quarter of the year.

The differences in loan interests between the lek and the euro continue to be in negative territory, dictating the orientation of the demand for loans towards the local currency, especially for mortgage loans./CNA





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