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June 8, 2019
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Statistics on Interest Rates

On 4 June 2019 the Central Bank of Cyprus announced its statistics on interests rates applied by Cyprus monetary financial institutions in relation to deposits and loans in EUR, and data regarding volumes of new EUR denominated loans for April 2019.

The relevant statistics are included in the May 2019 edition of Monetary and Financial Statistics.

The key developments in interest rates on new deposit and loan contracts including renegotiated contracts are outlined as follows:

  • the interest rate on deposits from households with an agreed maturity of up to one year decreased to 0.34% in comparison to 0.36% of the previous month
  • the interest rate on deposits from non-financial corporations decreased to 0.35% in comparison to 0.44% of the previous month
  • the interest rate on consumer credit registered an increase to 2.95% in comparison to 2.86% of the previous month
  • the interest rate on loans for house purchase decreased to 2.07% in comparison to 2.20% of the previous month
  • the interest rate on loans to non-financial corporations for amounts up to EUR1mln recorded a marginal increase to 3.28% in comparison to 3.27% of the previous month
  • the interest rate on loans to non-financial corporations for amounts above EUR1mln increased to 3.38% in comparison to 2.98% of the previous month
  • total new loans decreased to EUR300,8mln in April 2019 in comparison to EUR342,9mln of the previous month.

 

The main categories of new loans are outlined as follows:

  • new loans for consumption increased to EUR13,7mln in comparison to EUR13,6mln of the previous month
  • new loans for house purchase decreased to EUR76,4mln in comparison to EUR87,1mln of the previous month
  • new loans to non-financial corporations for up to EUR1mln decreased to EUR43,8mln in comparison to EUR47,7mln of the previous month
  • new loans to non-financial corporations for more than EUR1mln decreased to EUR151,5mln in comparison to EUR180,4mln of the previous month

 

Our firm provides advice on local and cross-border, secured and unsecured financing and refinancing transactions. Our qualified Insolvency Practitioners advise on restructurings and insolvency proceedings.

Please do not hesitate to contact us if you require any related advice or support.

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