articles | 04 December 2014

Cyprus had highest Eurozone interest rates in October 2014

Cyprus' deposit and lending interest rates remained in October 2014 the highest in the Eurozone, with the exception of the interest rate on consumer loan.

According to data released by the Central Bank (CB) of Cyprus and the European Central Bank (ECB) on Wednesday, the interest rate on deposits from households with an agreed maturity of up to one year increased to 2.67% compared to 2.59% the previous month.

In contrast, the corresponding interest rate for non-financial corporations registered a decrease to 2.49% compared to 2.53% in the previous month.

All interest rate categories regarding loans to households recorded increases. The interest rate on consumer credit rose to 5.72% compared with 5.59% in the previous month. In parallel, the interest rate on loans for house purchase increased to 4.63% compared to 4.31% in the previous month.

The main category of interest rates on loans to non-financial corporations, meanwhile, recorded a decrease.

The interest rate on loans for amounts over €1 million fell to 4.92% compared to 5.21% in the previous month.

Source: InCyprus

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