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The Portuguese continue to pile on.  Term deposits with a jump of 3.1 billion in November

The Portuguese continue to pile on. Term deposits with a jump of 3.1 billion in November

The Portuguese once again increased the value of funds in term deposits, in a historic increase of 3.1 billion euros in November. This type of deposit attracted Portuguese families.

You Stores Individual deposits in resident banks reached €178.2 billion at the end of November, a value three billion euros higher than that recorded in October, according to data released by the Bank of Portugal (BdP). Term deposits increased by 3.1 billion euros.

Compared to the same period in 2022 Stores Private sector deposits with resident banks also decreased by 2.2%. actually Stores in Deposits for an agreed period Recording a growth rate of 10.6% compared to the same period last year.

At the end of November, Stores Corporate deposits in resident banks totaled €64.2 billion, representing a decrease of €1.1 billion compared to October.

According to the Development Bank, loans to individuals recorded an annual decline of 0.4% for the third month in a row in November.

Housing loans totaled 99.1 billion euros in November, “the first month of 2023 in which there was a monthly increase, albeit at a reduced amount (26 million euros).” This indicates that the Portuguese are again borrowing money from banks to buy housing, especially after the European Central Bank announced a halt to interest rate hikes, which led to a decline in interest rates used for home loans in the month in question.

However, home loans recorded a negative growth rate of 1.1% compared to the same period in 2022.

Consumer loans increased by 0.1 billion euros compared to October, reaching 21.1 billion euros in November.

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In November, the total loans granted to companies amounted to 72.4 billion euros, a value that represents a decrease of 3.2% compared to the same period in 2022. It was the industry, electricity, trade, transport and accommodation sector that recorded negative rates of change, while the industry, electricity, trade, transport and accommodation sector recorded negative rates of change. Negative change. The construction and real estate activities sector recorded a positive change of 0.3%.