However, housing loan interest rates continued to fall in December 2013 along with the rates for consumer loans. Interest rates for housing loans dropped to 4.67% in December from 4.71% the previous month. Adding other bank charges raises the rate to 4.93% as opposed to 4.99% in November. Rates on consumer loans also dropped to 6.0% from 6.57% in November. On the other hand, the interest rate on business loans of up to a million euros rose to 6.0% in December from 5.62% the previous month. The interest rate on business loans of over a million reached 5.23% compared with 4.26%. The interest rate on one year fixed-term deposits for households also went up – 2.23% from 2.20%, as did the two-year deposit, 4.08% from 3.37%. The rate for three-month deposits dropped slightly in December – 1.84% from 1.85%.

Source: Cyprus Mail