Nicosia: In March, the highest average weighted interest rate for housing loans to households for new contracts with a variable interest rate and an initial period of a fixed rate of up to 1 year was 5.24%. The lowest was 2.50%, according to data published on Monday by the Central Bank of Cyprus (CBC).
According to Cyprus News Agency, the CBC’s monthly interest rate statistics on deposits and loans for each credit institution showed that the highest average weighted interest rate for housing loans to households was offered by Bank of Cyprus at 5.24% and Eurobank Cyprus at 4.58%. The lowest rate was offered by Hellenic Bank at 2.50%.
The report further detailed that for housing loans to households with a variable rate and an initial period of a fixed rate between 1 and 5 years, the highest rate was again provided by Bank of Cyprus at 4.53%, while Ancoria Bank offered the lowest at 2.94%.
Moreover, the CBC data indicated that for loans to non-financial corporations up to £1 million, with a variable rate and an initial fixed rate period of up to 1 year, Banque SBA offered the highest rate at 7.04%, followed by the Cyprus Development Bank Public Company Ltd at 6.09%. Alpha Bank provided the lowest rate at 3.95%.
Meanwhile, in terms of deposit interest rates, the highest average weighted rate for timed deposits of up to 1 year for households was offered by Arab Jordan Investment Bank SA at 2%, with Eurobank Cyprus Ltd following at 1.88%. Astrobank offered the lowest rate at 0.92%.
For corporate time deposits of up to 1 year, the highest average weighted rate was offered by Astrobank at 2.15%, whereas Bank of Cyprus offered the lowest at 0.90%.