Although this was a significant reduction, since December 2014 when the corresponding interest rate stood at 4.36%, Cyprus still has the second highest rate in the euro area for house loans after Ireland (3.30%).

The interest rate on consumer credit rose to 4.56%, compared with 4.33% in the previous month and is below the eurozone’s average(4.84%).

The interest rate on loans to non-financial corporations for amounts up to €1 million recorded a marginal increase to 4.75%, compared with 4.74% in the previous month and remains the second highest in the eurozone after Greece (5.34%).

The interest rate on loans to non-financial corporations for amounts over €1 million increased to 4.06%, compared with 3.87% in the previous month and it is also the second highest after Greece (5.19%).

The interest rate on deposits from households with an agreed maturity of up to one year increased to 1.54%, compared with 1.51% in the previous month and is the second highest in the eurozone after the Netherlands (1.66%).

The corresponding interest rate on deposits from non-financial corporations recorded a decline falling to 1.49%, compared with 1.53% in the previous month, however it remains the highest in the eurozone.

Source: InCyprus