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 August 2014, which are included in Tables 7, 8, 9 and 10 of the September 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 decreased marginally to 2,60% compared with 2,62% the previous month.
· In parallel, the corresponding interest rate for non-financial corporations also registered a decrease dropping to 2,58% compared with 2,66% the previous month.
Loan Interest Rates
· The majority of interest rate categories regarding loans to households registered a decline. The interest rate on loans for house purchase fell to 4,15% compared with 4,34% the previous month.
· In contrast, the interest rate on consumer credit increased to 5,66% compared with 5,50% the previous month.
· The main categories of interest rates on loans to non-financial corporations recorded increases. The interest rate on loans for amounts over €1.00 million rose to 5,37% compared with 4,99% the previous month.