The Statistics Department of the Central Bank of Cyprus releases today the interest rate statistics for monetary financial institutions in Cyprus on deposits and loans in euro for the reference month of February 2015. These statistics relate to new loan and deposit contracts as well as existing contracts which were renegotiated, which are included in Tables 7, 8, 9 and 10 of the March 2015 edition of Monetary and Financial Statistics.
The main developments are summarized as follows:
Deposit Rates
- The interest rate on deposits from households with an agreed maturity of up to one year fell to 2,30% compared with 2,67% in the previous month.
- In parallel, the corresponding interest rate for deposits from non-financial corporations also recorded a decrease to 2,26% compared with 2,57% in the previous month.
Lending Rates
- The majority of interest rate categories regarding loans to households registered a decline.
- The interest rate on consumer credit decreased to 5,19% compared with 5,40% in the previous month.
- The interest rate on loans for house purchase increased marginally to 4,45% compared with 4,44% in the previous month.
- The interest rate on loans to non-financial corporations for amounts over €1 million recorded a decrease to 5,00% compared with 5,10% in the previous month.
It is clarified that the reduction of interest rates observed during the month of February 2015 does not fully reflect the decision taken by the Board of the Central Bank of Cyprus on February 16th, 2015 and subsequent decisions of banks.