The Statistics Department of the Central Bank of Cyprus has today released the statistics on interest rates applied by monetary financial institutions in Cyprus on deposits and loans in euro for the reference month of July 2016. These statistics are presented in Tables 7, 8, 9 and 10 of the August 2016 edition of Monetary and Financial Statistics.
The main developments in interest rates on new loan and deposit contracts, including existing contracts which were renegotiated, are summarised as follows:
Deposit Rates
- The interest rate on deposits from households with an agreed maturity of up to one year recorded a marginal increase to 1,51%, compared with 1,49% in the previous month.
- The corresponding interest rate on deposits from non-financial corporations decreased to 1,39%, compared with 1,45% in the previous month.
Lending Rates
- The interest rate on consumer credit registered a decrease to 4,01%, compared with 4,47% in the previous month.
- The interest rate on loans for house purchase also fell to 2,94%, compared with 2,99% in the previous month.
- The interest rate on loans to non-financial corporations for amounts up to €1 million remained unchanged at 4,23%, compared with the previous month. In contrast, the interest rate on loans to non-financial corporations for amounts over €1 million recorded a decline to 3,71%, compared with 3,76% in the previous month.