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 has said.
In a press release, it notes that with the aim of further enhancing transparency, it has been publishing detailed interest rate data for deposits and loans for each credit institution since July 2024.
According to the data published by the CBC, interest rates on fixed-term deposits of up to one year from households (new business), the average of all monetary financial institutions (MFIs) in Cyprus was 1.10%, while the average in all MFIs in the eurozone was 1.74%.
Interest rates on fixed term deposits of up to one year from non-financial corporations (new business) were 1.24% in Cyprus on average and 1.90% in the eurozone.
With regard to interest rates on loans for house purchase to households, residents of the eurozone, in euro, regardless of the initial determination period, (new business - new contracts) was 3.03% on average in Cyprus and 3.34% in the eurozone.
Interest rates on 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) were on average 4.20% in Cyprus, while interest rates on loans of over one million euros to non-financial corporations, residents of the eurozone, in euros, regardless of the initial determination period, (new business - new contracts) were in average 3.84%.
The monthly publication of detailed interest rate data, the CBC states, contributes to easier public information, providing households and businesses with direct access to more comprehensive information.
(Source: CNA)
