Statistics on Interest Rates applied by Monetary Financial Institutions

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 February 2020. These statistics are included in the March 2020 edition of Monetary and Financial Statistics.

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 registered a decrease to 0,14%, compared with 0,17% in the previous month.

The corresponding interest rate on deposits from non-financial corporations recorded a decline to 0,10%, compared with 0,16% in the previous month.

Lending Rates

The interest rate on consumer credit decreased to 3,10%, compared with 3,15% in the previous month.

The interest rate on loans for house purchase fell to 2,04%, compared with 2,08% in the previous month.

The interest rate on loans to non-financial corporations for amounts up to €1 million registered a decline to 3,06%, compared with 3,39% in the previous month. The interest rate on loans to non-financial corporations for amounts over €1 million recorded a decrease to 3,00%, compared with 3,20% in the previous month.

Amounts of new loans

Total new loans registered an increase to €298,6 million in February 2020, compared with €259,0 million in the previous month. The main categories of new loans are analysed below:

New loans for consumption increased to €14,8 million, compared with €14,6 million in the previous month.

New loans for house purchase rose to €79,0 million, compared with €74,8 million in the previous month.

New loans to non-financial corporations for amounts up to €1 million recorded an increase to €36,6 million, compared with €34,3 million in the previous month.

New loans to non-financial corporations for amounts over €1 million increased to €148,7 million, compared with €114,1 million in the previous month.

Source: Central bank of Cyprus

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