The Central Bank of Cyprus has today released the statistics on the average interest rates1 applied by monetary financial institutions (MFIs) in Cyprus on deposits and loans of euro area residents in euro, as well as data regarding volumes (amounts) of new euro denominated loans to euro area residents for the reference month of March 2025. These statistics are included in the April 2025 edition of Monetary and Financial Statistics.
The main developments in interest rates on new deposit and loan contracts, including contracts which were renegotiated, are summarized as follows:
Deposit Rates
- The interest rate on deposits from households with an agreed maturity of up to one year recorded a decrease to 1,41%, compared with 1,51% in the previous month.
- The corresponding interest rate on deposits from non-financial corporations registered a decrease to 1,31%, compared with 1,54% in the previous month.
Lending Rates2
- The interest rate on consumer credit increased to 7,40%, compared with 7,11% in the previous month.
- The interest rate on loans for house purchase remained unchanged at 4,56%, compared with the previous month. It is noted that, the portfolio of loans for house purchase of the MFIs contains various types of loans, such as loans for primary residence, for vacation houses etc, which bear different risk and interest rate. The composition of the housing loans portfolio varies from month to month, resulting in changes to the level of the weighted average interest rate, independently of the increases or decreases of the interest rates of the MFIs.
- The interest rate on loans to non-financial corporations for amounts up to €1 million increased to 4,96%, compared with 4,66% in the previous month. The interest rate on loans to non-financial corporations for amounts over €1 million registered a decrease to 3,87%, compared with 4,48% in the previous month.
Amounts of new loans3
Total new loans recorded an increase to €964,2 million in March 2025, compared with €431,8 million in the previous month. The main categories of new loans are analysed below:
- New loans for consumption increased to €24,5 million (of which €22,8 million pure new loans), compared with €21,2 million in the previous month (of which €19,3 million pure new loans).
- New loans for house purchase recorded an increase to €188,2 million (of which €103,8 million pure new loans), compared with €152,1 million in the previous month (of which €92,8 million pure new loans).
- New loans to non-financial corporations for amounts up to €1 million increased to €82,4 million (of which €48,5 million pure new loans), compared with €55,8 million in the previous month (of which €42,0 million pure new loans).
- New loans to non-financial corporations for amounts over €1 million registered an increase to €661,9 million (of which €483,1 million pure new loans), compared with €188,1 million in the previous month (of which €92,0 million pure new loans).
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1) In accordance with the provisions of Regulation 2013/34, as amended, of the European Central Bank, interest rates are calculated as weighted average interest rates, which are sensitive to outliers.
2) Lending rates refer to loans with floating interest rate and up to one year initial rate fixation.
3) Amounts of new loans include new loan contracts and contracts which were renegotiated within the reference month.