Cyprus at top of EU list for highest interest rates

3 November 2015
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Cyprus is at the top of the list for highest interest rate levels in deposits and loans for September 2015, European Central Bank data showed on Tuesday.

The interest rate on loans for home purchase and the interest rate on loans to non-financial corporations for amounts up to one million euros are the highest among the eurozone countries.

Deposit Rates

The interest rate on deposits of households with an agreed maturity of up to one year decreased to 1.52 per cent compared with 1.59 per cent in the previous month, and is the third highest among the eurozone members. The average interest rate on deposits from households with an agreed maturity of up to one year in the eurozone is 0.68 per cent.

The corresponding interest rate on deposits of non-financial corporations recorded a marginal increase to 1.57 per cent compared with 1.56 per cent in the previous month, and is the highest in the eurozone overall. The average corresponding interest rate in the eurozone is 0.25 per cent.

Lending Rates

The interest rate on consumer credit decreased to 4.38 per cent compared with 4.8 per cent in the previous month and is the lowest in eurozone, where the average is 5.2 per cent.

The interest rate on loans for house purchase increased marginally to 3.36 per cent compared with 3.35 per cent in the previous month. This is the highest rate in the eurozone, where the average is 2.07 per cent.

The interest rate on loans to non-financial corporations for amounts up to €1 million registered a decline to 4.51 per cent compared with 4.58 per cent in the previous month and is the third highest in eurozone, where the average is 2.78 per cent.

In contrast, the interest rate on loans to non-financial corporations for amounts over €1 million increased to 4.27 per cent compared with 3.57 per cent in the previous month and remained the highest in eurozone, where the average is 1.54 per cent.

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