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 October 2020. It is noted that the data for the reference months December 2019 until June 2020 were revised in accordance with the audited financial statements of the MFIs. These statistics are included in the November 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 recorded a marginal decrease to 0,09%, compared with 0,10% in the previous month.
- The corresponding interest rate on deposits from non-financial corporations rose to 0,13%, compared with 0,05% in the previous month.
Lending Rates
- The interest rate on consumer credit increased to 3,12%, compared with 3,09% in the previous month.
- The interest rate on loans for house purchase recorded a rise to 2,14%, compared with 2,12% in the previous month.
- The interest rate on loans to non-financial corporations for amounts up to €1 million declined marginally to 3,16%, compared with 3,17% in the previous month. The interest rate on loans to non-financial corporations for amounts over €1 million registered a decrease to 2,90%, compared with 3,22% in the previous month.
Amounts of new loans
Total new loans recorded a decrease to €281,4 million in October 2020, compared with €315,6 million in the previous month. The main categories of new loans are analysed below:
- New loans for consumption decreased to €14,4 million, compared with €15,3 million in the previous month.
- New loans for house purchase recorded a decline to €83,9 million, compared with €97,2 million in the previous month.
- New loans to non-financial corporations for amounts up to €1 million registered a decrease to €32,2 million, compared with €38,9 million in the previous month.
- New loans to non-financial corporations for amounts over €1 million fell to €137,2 million, compared with €151,1 million in the previous month.
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