The Central Bank submitted a report on changes in interest rates on deposits and loans in Cyprus in October 2021.
Interest rates on deposits
The interest rate on personal deposits up to one year for the population remained unchanged at 0.06%.
The interest rate on business deposits has decreased to a historically low level over the past 12 months and amounted to 0.04% compared to 0.11% in the previous month.
Interest rates on loans
The interest rate on consumer loans in October 2021 rose to 3.08% compared with 2.95% in the previous month. The interest rate on housing loans decreased to 2.17% compared to 2.20% in the previous month. It is worth noting that this is one of the lowest indicators since October 2019.
The interest rate on business loans in the amount of up to 1 million euros fell to 3.26% compared with 3.27% in the previous month. Finally, the interest rate on business loans in the amount of more than 1 million euros fell to 2.83% compared to 3.05% in the previous month.
Earlier, the Central Bank of Cyprus published data on the number of loans issued in the country for October 2021.
The total volume of new loans decreased by 72.6 million euros, to 314.3 million euros, compared with 386.9 million euros in the previous month. This was due to a reduction in loans issued to companies in the amount of more than 1 million euros.
New consumer loans decreased to 12.7 million euros compared to 15.6 million euros last month, and new home loans fell to 105.2 million euros compared to 106.2 million euros last month.
New loans to non-financial corporations in the amount of up to 1 million euros increased to 48.8 million euros compared to 43.2 million euros in September 2021. New loans to non-financial corporations in excess of 1 million euros decreased to 125.4 million euros compared to 209.4 million euros in the previous month.
Interested in housing in Cyprus? Visit DOM.The portal presents the largest real estate database in the country – from residential to commercial. Choose and contact professionals who will help you make the right choice!