Interest rate

The low interest rates on deposits, the high commissions for a number of banking services or transactions, as well as the slow pace in granting mortgage loans constitute the three levels of government intervention in banks. The aim, according to the statements of Prime Minister Kyriakos Mitsotakis, is "to make them realize that they must fulfill their debt to Greek society".

A loud intervention in the banks regarding their excessive profits is expected in the coming days from the government. According to information, the legislative regulation to reduce by 50% the high fees they charge citizens for their transactions is considered certain.

The Bank of Greece reported on Wednesday a significant narrowing of the spread between loan and deposit interest rates in October, following a faster decline in rates on loans than on deposits. 

The average interest rate on all loans fell by 19 basis points to 5.41%, with the largest decreases observed in business loans, which are also an area of competition between banks.

People line up outside of Macy's flagship store before opening on Black Friday, in New York City.

A December interest rate cut is still up for debate, a senior U.S. Federal Reserve official has said, suggesting that another rate reduction is not a foregone conclusion.

Bank of Greece Governor Yannis Stournaras on Monday forecast a 0.25% reduction in European Central Bank interest rates in December and further reductions in interest rates in 2025. 

Addressing a Bloomberg conference organized in Athens, the head of Greece's central bank said that he considers a reduction of the basic interest rate of the ECB in December to be "reasonable." 

National Bank of Greece posted after-tax profits of 983 million euros in the first nine months of the year, the lender announced on Thursday, recording a 15% increase year-on-year.

This is the result of the resilience of its net revenues from interest and the strong takings from commissions, the bank argued.

Asian equities fluctuated Thursday, while the dollar held gains and bitcoin hit a fresh record as markets attempted to ascertain the consequences of a second Donald Trump presidency after he pledged to cut taxes and ramp up tariffs with an eye on China.

A global surge of interest in gold has emerged among investors, commonly referred to as "gold fever." However, this trend differs significantly from the gold rushes of the 19th century in the United States and Australia. Today's investors are not prospecting for gold in mines; instead, they are purchasing the precious metal as a hedge against geopolitical instability and rising inflation.

Britain's annual inflation rate fell to a three-year low in September, official data showed on Wednesday, fueling speculation that the Bank of England will resume cutting interest rates next month.

The European Central Bank is expected to lower interest rates again this week as anxiety about inflation in the eurozone fades and concerns over sluggish growth mount.

Inflation fell to 1.8 percent across the 20 members of the euro area in September, the first time it has been below the ECB's target of two percent since 2021.