In the household sector, average interest rates on consumer loans decreased by 15 basis points (bps) while housing loan interest rates rose by around 10 bps. On the other hand, deposit rates were down 13 bps in maturities of one year and below, and up 8 bp in maturities over one year.
In the corporate sector, average short-term lending rates increased 10 bps, while long-term corporate lending rates were up 26 bps. Short-term deposit rates, however, decreased 16 bps, while long-term deposit rates increased by a margin of 6 bps.
Meanwhile, spreads between interest rates on forint and euro loans barely changed in March, as euro-denominated interest rates decreased by 7 bps for housing loans and increased 44 bps for consumer loans during the month.
Rate movements during the month were mostly independent of monetary policy moves, as the MNB kept rates on hold in March. The base has not been changed from 6.00% since September 2005, while the eurozone base rate was kept intact at 2.50%.
