BANKING

Drop in most interest rates in Cyprus

Drop in most interest rates in Cyprus

A decrease in interest rates on deposits and consumer loans and a marginal increase in the interest rates on mortgages can be seen in the data published on Thursday by the Central Bank of Cyprus for March 2022.

The interest rate on deposits from households with an agreed maturity of up to one year recorded a decrease to 0.05%, compared with 0.07% in the previous month, while the corresponding interest rate on deposits from non-financial corporations registered a decrease to -0.01%, compared with 0.00% in the previous month.

On lending rates, the interest rate on consumer credit fell to 3.06%, compared with 3.19% in the previous month, while the interest rate on loans for home purchases increased to 2.16%, compared with 2.14% in the previous month.

Interest on loans to non-financial corporations for amounts up to 1 million euros fell to 3.14% in March, from 3.24% in February. For amounts over €1 million to non-financial corporations, the interest increased to 3.28%, compared with 3.16% in the previous month.

Total new loans increased to €506.7 million in March from €437.4 million in February.