BNB data for May: Housing loans and credits to big companies grow more expensive again

After interest rates on housing credits returned to their pre-crisis levels in the last few months, in May, they grew more expensive again. Corporate loans above BGN 1 mln became more expensive, too, showed BNB (Bulgarian National Bank) data, published yesterday. Within just a month, interest rates on mortgage loans contracted in Bulgarian leva rose by 0.94% to 8.92%. The Annual Percentage Rate (comprising the agreed interest rate on the credit plus the fees and commissions charged by the bank) which shows the actual cost of borrowing was 9.59% in May.

Housing loans contracted in Euros which are the most common in Bulgaria became costlier too, reversing the trend of recent months. Despite financial institutions’ numerous promotions, at the end of May, the interest rate on these rose by 0.14%, compared to April and stood at 8.13% on average. The average Annual Percentage Rate for housing credits was 8.98% in May. Interest rates on consumer loans alone dropped slightly in May, BNB reported. Nevertheless, their average Annual Percentage Rate was still above 10% in May.

Huge credits grew more disadvantageous and expensive for businesses. Companies that borrowed an amount exceeding €1 mln agreed in Bulgarian currency at the end of May will have to pay 1.37% more, the average interest rate standing at 8.43%. Loans agreed in Euros became 1.46% more expensive, reaching an average interest rate of 9.74%. BNB’s data confirmed the fact that consumer loans and big corporate credits had become more expensive for borrowers. At the end of May, small loans to companies remained the most attractive and grew cheaper. Within a year, their prices fell by 1.19% to 8.35% for contracts in Euros and by 0.93% to 9.98% for contracts in Bulgarian leva.

Interest rates on corporate deposits remained unchanged in May on an annual basis. Deposits in Euros yielded 4.18% on average and the deposits in Bulgarian currency - 4.41%. Compared to a month earlier, interest rates on corporate deposits in Bulgarian leva increased by 1.57% and these on deposits in Euros – by 0.71%. Households’ yields stood at 5.28% on average for deposits in Bulgarian currency and at 4.66% for deposits in Euros. For a period of one year until May 2011, interest rates on household deposits in Bulgarian leva decreased by 0.94% and these in Euros - by 0.40%.

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