The Central Bank of Cyprus released on Monday, June 7 the latest statistics on interest rates on deposits and loans for the month of April 2021.
According to statistics, the interest rate on time deposits for up to one year for the population fell to a new record low. In turn, the interest rate on home loans rose to its highest value in the last two years, and the interest rate on business loans up to €1 million were highest since early 2020.
Deposit rates
- The interest rate on term deposits up to one year for the population in April 2021 fell to 0.07% compared to 0.08% in the previous month.
- The interest rate on deposits of non-financial corporations rose to 0.09% from 0.08% in the previous month.
Interest rates on loans
- The interest rate on consumer loans in April 2021 increased to 3.05% compared to 2.92% in the previous month.
- The interest rate on home loans increased to 2.18% from 2.17% in the previous month. It should be noted that this is one of the highest rates since April 2019.
- The interest rate on loans to non-financial corporations of up to €1 million rose to 3.35% from 3.34% in the previous month.
- Finally, the interest rate on loans to non-financial corporations over €1 million fell to 3.27% from 3.37% in the previous month.
As you may know, in April 2021, the total volume of new loans decreased to €540 million compared to €611.5 million in the previous month.
By categories of loans issued in March 2021:
- New consumer loans rose to €21.2 million from €18.3 million last month.
- New home loans fell to €102.3 million from €104.6 million last month.
- New loans to non-financial corporations of up to €1 million decreased to 68.6 million euros from €90.9 million last month.
- More than € 1 million in new loans to non-financial corporations fell to € 325 million from € 376.8 million last month.