Nicosia: There is an increased degree of convergence of the average interest rates of credit institutions in Cyprus in relation to the corresponding average of credit institutions in the eurozone, both in deposits and loans, the Central Bank of Cyprus said Thursday in a press release.
According to Cyprus News Agency, the data published by the CBC indicate that interest rates on fixed-term deposits of up to one year from households (new business) averaged 1.10% in all monetary financial institutions (MFIs) in Cyprus, while the average in the eurozone was 1.74%.
Interest rates on fixed-term deposits of up to one year from non-financial corporations (new business) averaged 1.24% in Cyprus, compared to 1.90% in the eurozone.
In terms of interest rates on loans for house purchases to households, residents of the eurozone, in euro, regardless of the initial determination period (new business – new contracts) averaged 3.03% in Cyprus, while the eurozone recorded an average of 3.34%.
For loans of up to one million euros to non-financial corporations, residents of the eurozone, in euros, regardless of the initial determination period (new business – new contracts), the average rate was 4.20% in Cyprus. On the other hand, loans of over one million euros to non-financial corporations averaged 3.84%.
The CBC highlights that the monthly publication of detailed interest rate data aims to improve public information, granting households and businesses access to more comprehensive information.