According to new data published by the European Central Bank on Monday 7th October, Cyprus is the second EU country whose residents make deposits at the lowest interest rates.
In particular, the average interest rate for deposits of up to one year for households in Cyprus is 1.79%.
The situation is only worse in Slovenia. Residents of this country open deposit accounts at 1.55%. At the same time, the average deposit rate for households in the euro area is 2.98%.
On the other hand, depositors in Estonia (3.56%), Finland (3.36%) and France (3.32%) have the highest interest rates. The average rate in Greece was 1.88%.
In Cyprus, the corresponding rate is 2.33% for deposits of non-financial corporations and 3.41% for deposits of enterprises.
The average interest rate on mortgages in Cyprus is 4.54%. The corresponding rate in the euro area is 3.69%. In Greece, the average interest rate on housing loans is 3.87%.
Interest rates on loans to enterprises in Cyprus, at 5.7%, are the sixth highest in the euro area. Finally, the average interest rate for consumer loans in Cyprus is 6.59%. The highest rate is 14.06% in Estonia.