* Excluding revolving loans, current account overdrafts and credit card debt. The NBS’s monetary policy tightening has spilled over to interest rates in the markets of money, loans and savings, confirming the efficiency of the monetary policy transmission mechanism through the interest rate channel.
The normalisation of the ECB’s monetary policy and the resulting rise in money market rates in the euro area has reflected on higher interest rates on euro-denominated loans in the domestic market.