On Thursday 16th January the Central Bank of Cyprus published its new monthly report on the interest rates on deposits and loans offered by local financial institutions to the population of the island.
In line with the European Central Bank's decision, a decrease in interest rates was recorded in most categories. At the same time, a significant difference in interest rates between local financial institutions remained.
The average variable rate for housing loans in Cyprus in November 2024 fell to 4.5 per cent from 4.62 per cent in the previous month. The highest rates in this category were offered by Bank of Egypt at 5.2 per cent, Astrobank at 4.85 per cent and Eurobank at 4.54 per cent. On the contrary, the cheapest rates were offered by the Housing Finance Organisation (3.53%) and Ancoria Bank (3.78%). The highest interest rates for loan restructuring were offered by Bank of Cyprus (5.48%) and Alpha Bank (4.69%), and the lowest by Eurobank (2.35%) and Hellenic Bank (2.57%).
The banks offering the highest interest rates on loans to enterprises of up to 1 million euro in November 2024 were Banque SBA (7.54%), Societe Generale (6.84%) and Eurobank (5.52%). The lowest rates were charged by Hellenic Bank (4.55%) and Ancoria Bank (4.35%). The average interest rate on loans to small enterprises in Cyprus was 5.01%, down from 5.45% in October.
The banks granting loans of more than €1 million to businesses at the highest rates in November were Banque SBA (7.52%) and Hellenic Bank (6.55%). The lowest were Bank of Cyprus (5.07%) and Societe Generale (5.15%). The average interest rate on loans to large enterprises in Cyprus was 4.97%, compared with 4.72% in October.
As regards interest rates on deposits of up to one year for households in euro, the average rate for all banks in Cyprus was 1.70%, compared with 1.76% in October and 1.98% in September. The most favourable conditions for households were offered by Arab Jordan Investment Bank SA (3%), National Bank of Zealand (2.49%) and Eurobank Cypup Ltd (2.16%). The least favourable were offered by Bank of Egypt (0.72%) and Hellenic Bank (1.5%).
Finally, the average rate for corporate deposits up to 1 year was 1.99% in November 2024, compared to 2.19% in October. The highest rates in this category were recorded by Astrobank (2.92%). This was followed by National Bank of Zealand (2.54%) and Hellenic Bank (2.14%). In contrast, the lowest rates were recorded by the Housing Finance Organisation (0.22%), the Cyprus Development Bank (1.59%) and the Bank of Cyprus (1.69%).