On Thursday, March 4, the Central Bank of Cyprus released statistics on loan and deposit interest rates for March 2021.
It turned out that personal loan interest rates reached the highest level in the last two years, interest rates on small business loans (less than EUR 1 million) are the highest in the last 12 months. On the other hand, short-term deposit interest rates remained at a low level.
Interest rates on loans
In particular, personal loan rates rose from 2.99% to 3.25% in the previous month. This is a record rate since March 2019. By contrast the mortgage rate fell from 2.16% to 2.12% in the previous month.
The rate for small business loans increased from 3.13% to 3.3%. It is worth noting that this is the highest rate since February 2020. The rate on big business loans (EUR 1 million and more) fell fro 3.26% to 3.11%.
Deposits
As for the long-term private deposit rate, in March it remained unchanged at 0.08% compared to the previous month rate. By the way, this is the lowest figure in the entire history of Cyprus. The corresponding interest rate on business deposits rose from 0.09% to 0.1% in the previous month.