The rates on new mortgages and consumer loans dropped by 5 basis points and 46 basis points in July, to 2.94%, and 4.01% respectively, the CBC said in a statement on its website.
For new loans exceeding €1m companies paid an interest rate of 3.71% on average in July, compared to 3.76% the month before, the CBC said. Rates on loans below €1m remained unchanged at 4.23%.
The downward pressure on rates also affected corporate depositors, who received a rate of 1.39% on their new deposits with a maturity of up to 12months in July, compared to 1.45% in June, the CBC said. On the other hand, the rate on household deposits increased by 2 basis points to 1.51%.
Source: Cyprus Mail