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Macedonian citizens spend 1.5 salaries on interest yearly.

Last year, Macedonian citizens spent one and a half salary on average on paying interest for bank loans. This is revealed in the analysis of the National Bank of Macedonia, according to which commercial banks collected last year a total of 408 million euros in interest and commission, 327 million euros of which were from interest and 81.5 million euros from commission.

Taking into account that the interest that households and natural persons paid totaled as much as 240 million euros, it turns out that each of the 460,000 creditworthy citizens in Macedonia paid a total of 521 euros in interest and some 40 euros in commission on average, or a total of 34,000 denars.

Statistics reveal that in recent years, aside from bank profits, the sums that banks collect in interest and commissions have been rising, too. Compared, for example, with 2008, the sum that banks charged as interest last year went up by 59 million euros, while the profit they earned from commission climbed up by 18 million euros compared to 2009.

Citizens and businessmen are not satisfied with the excessive commission they are being charged for every transaction.

Banks have approved credits of a total of 3.8 billion euros, as some 1.56 billion euros of them are credits approved to households.
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Title Annotation:BUSINESS NEWS
Publication:INFOMAC Daily News Service
Date:Feb 27, 2014
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