Interest rates on deposits with a term of over a year, meanwhile, stood at 2.38 percent for households, and 2.47 percent for companies, the Bank of Estonia (Eesti Pank) reports.

The first category, ie. deposits with a term up to one year in duration constituted 86 percent of the total householders' deposit accounts, versus 96 percent in the case of companies' accounts, the central bank says.

The interest rate on newly secured housing loans rose to its highest level over the last 12 years, i.e. to 3.78 percent, ie. 1.5 percentage points more than in the preceding quarter. 

In December 2022, the average interest rate for housing loans secured by financial institutions in the eurozone stood at 2.8 percent, or 0.09 percentage points higher than in the previous quarter.

Additionally, housing loan interest rate in Estonia has on average been 0.56 percentage points above the eurozone average, for the past six years.

The interest rate on consumer loans and leases was 11.4 percent in Q4 2022, while the interest rate on car leasehold agreements stood at 4.43 percent.

Larger banks in Estonia this month raised the interest paid on annual term deposits to up to 2.5 percent, while with smaller banks rates have been put up to as much as 2.7 percent.

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