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 April 2018. These statistics are included in the May 2018 edition of Monetary and Financial Statistics. The data for the reference months of December 2017, January 2018 and February 2018 have been revised since most of the audited financial statements of the MFIs are now available.
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 1,04%, compared with 1,06% in the previous month.
- The corresponding interest rate on deposits from non-financial corporations registered a decline to 0,80%, compared with 1,11% in the previous month.
Lending Rates
- The interest rate on consumer credit recorded a marginal increase to 4,08%, compared with 4,07% in the previous month.
- The interest rate on loans for house purchase decreased to 2,48%, compared with 2,52% in the previous month.
- The interest rate on loans to non-financial corporations for amounts up to €1 million rose to 3,68%, compared with 3,63% in the previous month. The interest rate on loans to non-financial corporations for amounts over €1 million fell to 3,31%, compared with 3,36% in the previous month.
Amounts of new loans
Total new loans registered a decrease to €246,1 million in April 2018, compared with €320,5 million in the previous month. The main categories of new loans are analyzed below:
- New loans for consumption recorded a decrease to €14,0 million, compared with €18,0 million in the previous month.
- New loans for house purchase fell to €69,5 million, compared with €86,0 million in the previous month.
- New loans to non-financial corporations for amounts up to €1 million decreased to €38,9 million, compared with €48,0 million in the previous month.
- New loans to non-financial corporations for amounts over €1 million registered a decrease to €107,8 million, compared with €150,6 million in the previous month.
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