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 April 2016. These statistics are presented in Tables 7, 8, 9 and 10 of the May 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 rose to 1,58%, compared with 1,52% in the previous month.
- The corresponding interest rate on deposits from non-financial corporations also recorded an increase to 1,51%, compared with 1,36% in the previous month.
Lending Rates
- The interest rate on consumer credit decreased to 4,36%, compared with 4,47% in the previous month.
- The interest rate on loans for house purchase increased marginally to 3,13%, compared with 3,11% in the previous month.
- The interest rate on loans to non-financial corporations for amounts up to €1 million recorded a decline to 4,14%, compared with 4,39% in the previous month. In contrast, the interest rate on loans to non-financial corporations for amounts over €1 million registered an increase to 4,61%, compared with 3,30% in the previous month. This increase concerns interest rates on new loan contracts, as well as interest rates on existing contracts which were renegotiated.