The Central Bank of Cyprus has today released the statistics on interest rates applied by monetary financial institutions 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 July 2021. These statistics are included in the August 2021 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 remained unchanged at 0,07%, compared with the previous month.
- The corresponding interest rate on deposits from non-financial corporations recorded a decrease to 0,06%, compared with 0,12% in the previous month.
Lending Rates
- The interest rate on consumer credit registered a decline to 3,03%, compared with 3,14% in the previous month.
- The interest rate on loans for house purchase rose to 2,21%, compared with 2,13% in the previous month.
- The interest rate on loans to non-financial corporations for amounts up to €1 million increased to 3,30%, compared with 3,20% in the previous month. The interest rate on loans to non-financial corporations for amounts over €1 million remained unchanged at 3,16%, compared with the previous month.
Amounts of new loans
Total new loans recorded a decrease to €507,3 million in July 2021, compared with €674,5 million in the previous month. The main categories of new loans are analysed below:
- New loans for consumption decreased to €16,0 million, compared with €19,8 million in the previous month.
- New loans for house purchase registered a decline to €118,1 million, compared with €171,9 million in the previous month.
- New loans to non-financial corporations for amounts up to €1 million recorded a decrease to €61,5 million, compared with €93,3 million in the previous month.
- New loans to non-financial corporations for amounts over €1 million fell to €302,2 million, compared with €372,7 million in the previous month.
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