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Statistics on Interest Rates applied by Monetary Financial Institutions

Monday, 2 August 2021

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 June 2021. These statistics are included in the July 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 an increase to 0,12%, compared with 0,04% in the previous month.

Lending Rates

  • The interest rate on consumer credit registered a rise to 3,14%, compared with 2,88% in the previous month.
  • The interest rate on loans for house purchase fell to 2,13%, compared with 2,19% in the previous month.
  • The interest rate on loans to non-financial corporations for amounts up to €1 million decreased to 3,20%, compared with 3,22% in the previous month. The interest rate on loans to non-financial corporations for amounts over €1 million registered an increase to 3,16%, compared with 2,81% in the previous month.

Amounts of new loans
Total new loans recorded an increase to €674,5 million in June 2021, compared with €415,3 million in the previous month. The main categories of new loans are analysed below:

  • New loans for consumption increased to €19,8 million, compared with €15,7 million in the previous month.
  • New loans for house purchase rose to €171,9 million, compared with €109,6 million in the previous month.
  • New loans to non-financial corporations for amounts up to €1 million recorded an increase to €93,3 million, compared with €58,3 million in the previous month.
  • New loans to non-financial corporations for amounts over €1 million increased to €372,7 million, compared with €220,0 million in the previous month.

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