In the household sector, average interest rates on consumer loans increased by 28 basis points (bps) while housing loan interest rates rose by around 36 bps. On the other hand, deposit rates were down 65 bps in maturities of one year and below, and just 1 bp in maturities over one year.
In the corporate sector, average short-term lending rates increased 38 bps, while long-term corporate lending rates were up 114 bps. Short-term deposit rates, however, decreased 3 bps, while long-term deposit rates decreased by a margin of 74 bps.
Rate movements during the month were mostly independent of monetary policy moves, as the MNB kept rates on hold in February, just as it had done since September.
Meanwhile, spreads between interest rates on forint and euro loans barely changed in February, as euro-denominated interest rates increased by 37 bps for housing loans and 47 bps for consumer loans during the month.
The MNB has not changed the base from 6.00% since September 2005, while the eurozone base rate was raised from 2.25% to the current 2.50%. Still, MNB figures indicate that EUR-based home and consumer loans continue to offer much lower interest rates in Hungary, which shows in bank statistics as well.
