On Wednesday, November 4, the Central Bank presented a report on changes in interest rates on deposits and loans in Cyprus for September 2021.
Interest rates on deposits
The interest rate on term deposits up to one year for private persons in the first month of autumn decreased to 0.06% (0.07% was in the previous month).
But the interest rate on deposits of non-financial corporations, on the contrary, increased to 0.11% (0.05% was in the previous month).
Interest rates on loans
The interest rate on consumer loans in September 2021 increased to 2.95% (2.87% was in the previous month). The interest rate on housing loans is now 2.20% (2.17% was in the previous month).
The interest rate on loans to non-financial corporations in the amount of up to 1 million euros fell to 3.27% compared to 3.33% in the previous month. Finally, the interest rate on loans to non-financial corporations in the amount of more than 1 million euros increased to 3.05% compared to 3.04% in the previous month.
It is noted that the data for the reporting months from December 2020 to March 2021 were revised according to the annual financial statements of the MFO. It is reported that these data are included in the new issue "Monetary and Financial Statistics" for October 2021.
As you may know, earlier The Central Bank of Cyprus has published data on the number of loans issued in the country in September 2021.
The total volume of new loans increased to 386.9 million euros. This was due to an increase in the volume of consumer loans to 15.6 million euros and housing loans to 106.2 million euros, as well as loans to non-financial corporations in excess of 1 million euros to 209.4 million euros.