According to the latest data published by the European Central Bank on Friday, January 5, Cyprus ranks third among the countries of the European Union, whose residents make deposits at the lowest rates.
In particular, the average interest rate on deposits for up to a year for households in Cyprus is 2.01%.
The situation is worse only in Slovenia and Greece. Residents of these countries make deposit accounts at 1.31% and 1.79%, respectively. At the same time, the average interest rate on deposits for households in the euro area is at 3.34%.
On the other hand, depositors in Estonia (4%), France (3.9%), Italy (3.78%), Malta (3.61%) and Lithuania (3.6%) have the highest interest rates. The average interest rate in Greece is 1.79%.
In turn, the corresponding interest rate for deposits for non-financial companies in the euro area is 2.34% and for business loans is 3.71%.
As for the average interest rate on mortgage loans in Cyprus, it is 5.39%. By the way, in the eurozone the corresponding interest rate is 4.05%. In Greece, the average interest rate on home loans is 4.44%.
The interest rates on business loans in Cyprus are the seventh highest in the eurozone at 5.7%. Finally, the average interest rate on consumer loans in Cyprus reaches 6.15%. The highest rate is in Latvia, where it is 13.95%.