The Statistics Department of the Central Bank of Cyprus has released today the interest rate statistics for monetary financial institutions in Cyprus. These statistics relate to deposits and loans in euro for the reference month of November 2014, which are included in Tables 7, 8, 9 and 10 of the December 2014 edition of Monetary and Financial Statistics.
The main developments in interest rates on new business (new loan and deposit contracts as well as 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 decreased to 2,59% compared with 2,67% in the previous month.
· In contrast, the corresponding interest rate for non-financial corporations registered an increase to 2,53% compared with 2,49% in the previous month.
Lending Rates
· All interest rate categories regarding loans to households recorded decreases. The interest rate on consumer credit fell to 5,30% compared with 5,72% in the previous month.
· In parallel, the interest rate on loans for house purchase decreased to 4,19% compared with 4,63% in the previous month.
· On the other hand, the main category of interest rates on loans to non-financial corporations recorded an increase. Specifically, the interest rate on loans for amounts over €1 million rose to 5,63% compared with 4,92% in the previous month.