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 October 2014, which are included in Tables 7, 8, 9 and 10 of the November 2014 edition of Monetary and Financial Statistics publication.
The main developments in interest rates on new business (new loan and deposit contracts as well as existing contracts which were renegotiated) are summarized as follows:
Deposit Interest Rates
· The interest rate on deposits from households with an agreed maturity of up to one year increased to 2,67% compared with 2,59% in the previous month.
· In contrast, the corresponding interest rate for non-financial corporations registered a decrease to 2,49% compared with 2,53% in the previous month.
Loan Interest Rates
· All interest rate categories regarding loans to households recorded increases. The interest rate on consumer credit rose to 5,72% compared with 5,59% in the previous month.
· In parallel, the interest rate on loans for house purchase increased to 4,63% compared with 4,31% in the previous month.
· On the other hand, the main category of interest rates on loans to non-financial corporations recorded a decrease. In particular, the interest rate on loans for amounts over €1 million fell to 4,92% compared with 5,21% in the previous month.