The Statistics Department of the Central Bank of Cyprus has released today the "Interest Rate Statistics of Monetary Financial Institutions in Cyprus" for deposits and loans in euro for the reference month of May 2014, which are included in Tables 7, 8, 9 and 10 of the June 2014 edition of Monetary and Financial Statistics.
The main developments in interest rates on new business (new loan and deposit contracts and existing contracts which were renegotiated) are summarized as follows:
Deposit Interest Rates
· The majority of interest rates on deposits from households registered a decline. The interest rate on deposits from households with an agreed maturity of up to one year decreased to 2,49% compared with 2,67% the previous month.
· In contrast, the corresponding interest rate for non-financial corporations rose to 2,49% compared with 2,42% the previous month.
Loan Interest Rates
· Interest rates on loans to households recorded a general decrease. The interest rate on loans for house purchase recorded the largest decrease and fell to 4,37% compared with 4,67% in the previous month.
· The main categories of interest rates on loans to non-financial corporations also registered decreases. The interest rate on loans for amounts over €1.00 million recorded the most significant decline and dropped to 5,55% compared with 5,90% in the previous month.