The Central Bank of Cyprus has today released the statistics on interest rates applied by monetary financial institutions in Cyprus on deposits and loans in euro, as well as data regarding volumes (amounts) of new euro denominated loans for the reference month of June 2020. These statistics are included in the July 2020 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 registered a marginal decrease to 0,12%, compared with 0,13% in the previous month.
- The corresponding interest rate on deposits from non-financial corporations decreased marginally to 0,03%, compared with 0,04% in the previous month.
Lending Rates
- The interest rate on consumer credit fell to 2,96%, compared with 3,15% in the previous month.
- The interest rate on loans for house purchase recorded a marginal increase to 2,10%, compared with 2,09% in the previous month.
- The interest rate on loans to non-financial corporations for amounts up to €1 million rose to 3,16%, compared with 3,10% in the previous month. The interest rate on loans to non-financial corporations for amounts over €1 million registered a marginal decrease to 2,99%, compared with 3,00% in the previous month.
Amounts of new loans
Total new loans registered an increase to €323,7 million in June 2020, compared with €187,6 million in the previous month. The main categories of new loans are analysed below:
- New loans for consumption increased to €14,0 million, compared with €9,6 million in the previous month.
- New loans for house purchase recorded a rise to €93,4 million, compared with €59,0 million in the previous month.
- New loans to non-financial corporations for amounts up to €1 million registered an increase to €37,5 million, compared with €31,9 million in the previous month.
- New loans to non-financial corporations for amounts over €1 million rose to €161,3 million, compared with €70,0 million in the previous month.
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