Banking

Interest rates for deposits by households and corporations in Cyprus converged and matched in March, from having a spread of 55 basis points in February, according to data released by the Central Bank of Cyprus.

The interest rate spread between new deposits and loans widened to 5.71 percentage points in March, according to Bank of Greece data.

The weighted average interest rate on new deposits remained unchanged at 0.53%, while the corresponding interest rate on new loans increased by 47 basis points to 6.24%.

The Central Bank of Cyprus has determined the maximum interest rate for lending in the country to be 11.42%, exercising its powers under the Cyprus Penal Code.

Turkish banks have hiked their deposit rates and loan rates after the Central Bank, in a surprise move, increased the policy rate by 500 basis points to 50 percent last week. 

The average return on three-month lira deposits rose to 55.66 percent. The three-month deposit rate was around 28 percent almost a year ago.

Millions of bank accounts of taxpayers and companies will soon be targeted by the tax authorities, with the use of the new system which will scan all their movements.

Banks are responding to the climate of caution among households as regards taking out a loan with new cuts in mortgage rates, in a bid to spark the interest of potential new buyers. They are also extending, until the end of the year, the interest rate freeze in force since last May for existing borrowers.

The European Parliament has given the green light to new regulations that promise to revolutionize money transfers across the EU. MEPs voted in favor of rules ensuring that funds transferred between bank accounts arrive swiftly, with the added assurance of robust fraud detection measures.

In the dynamic realm of iGaming, the traditional landscape of payment methods is undergoing a huge transformation. The antiquated visits to banks have evolved into e-wallets and infrequent occurrences. The once-venerable bank wire and cheques now seem relics of a bygone era.

US investment bank Jefferies predicts a further increase in interest rates on time deposits in Greece for 2024, favoring a shift from ordinary savings accounts to time deposits.

To date, Greek banks have on average raised interest rates on deposits by just 15%, compared to a eurozone average of 20%, and based on estimates this rate will increase by 50% within 2024. 

Typewriters vanished, and then cassette tapes and encyclopedias did, too. But paper checks are one piece of our analog past that persists.