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 June 2014, which are included in Tables 7, 8, 9 and 10 of the July 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 interest rate on deposits from by households with an agreed maturity of up to one year rose to 2,56% compared with 2,49% the previous month.
· In contrast, the corresponding interest rate for non-financial corporations decreased to 2,39% compared with 2,50% the previous month.
Loan Interest Rates
· The majority of interest rates on loans to households registered a decline. The interest rate on consumer credit fell to 5,74% compared with 6,06% the previous month.
· In contrast, the interest rate on loans for house purchase increased to 4,40% compared with 4,37% 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 dropped to 5,50% compared with 5,55% the previous month.