Rates for fixed one-year deposits and loans to non-financial corporations hit historic lows in October

Data released by the Central Bank of Cyprus on Monday showed that the

Interest rate for households fixed one-year deposits and the rate on loans to non-financial corporations for amounts up to Euros 1 million fell in October 2017 to historic lows.

The rate for consumer loans and mortgage rates both presented an increase in the tenth month of the year.

Deposit Rates

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The interest rate on deposits from households with an agreed maturity of up to one year dropped to 1.16%, the lowest level since December 2008. In September 2017 it stood at 1.24%.

The equivalent interest rate on deposits from non-financial corporations also registered a decline to 1.27%, compared with 1.34% in the previous month.

Lending Rates

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The interest rate on consumer credit rose to 4.40% from 4.30% in the previous month.

Mortgage rates also recorded an increase to 2.75%, compared with 2.67% in September

The interest rate on loans to non-financial corporations for amounts up to Euros 1 million fell to the lowest level since December 2008, recording a decrease to 3.81%, from 3.95% in September.

The interest rate on loans to non-financial corporations for amounts over Euros 1 million decreased for the second consecutive month to 3.42%, compared with 3.64% in the ninth month of the year.

Source: Cyprus News Agency