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 April 2021. These statistics are included in the May 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 summarised as follows:
Deposit Rates
- The interest rate on deposits from households with an agreed maturity of up to one year registered a decrease to 0,07%, compared with 0,08% in the previous month.
- The corresponding interest rate on deposits from non-financial corporations recorded an increase to 0,09%, compared with 0,08% in the previous month.
Lending Rates
- The interest rate on consumer credit rose to 3,05%, compared with 2,92% in the previous month.
- The interest rate on loans for house purchase registered an increase to 2,18%, compared with 2,17% in the previous month.
- The interest rate on loans to non-financial corporations for amounts up to €1 million increased to 3,35%, compared with 3,34% in the previous month. The interest rate on loans to non-financial corporations for amounts over €1 million recorded a decline to 3,27%, compared with 3,37% in the previous month.
Amounts of new loans
Total new loans recorded a decrease to €540,0 million in April 2021, compared with €611,5 million in the previous month. The main categories of new loans are analysed below:
- New loans for consumption increased to €21,2 million, compared with €18,3 million in the previous month.
- New loans for house purchase registered a decline to €102,3 million, compared with €104,6 million in the previous month.
- New loans to non-financial corporations for amounts up to €1 million fell to €68,6 million, compared with €90,9 million in the previous month.
- New loans to non-financial corporations for amounts over €1 million decreased to €325,0 million, compared with €376,8 million in the previous month.
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