Ιnterest rates fall in Cyprus but still among EU highest
The interest rates on loans for house purchase decreased to 3.28 per cent in December 2015, whereas the previous month it was 3.37 per cent, data from the Central Bank of Cyprus said on Thursday.
Although this was a significant reduction from last year’s rate of 4.36 per cent, Cyprus still has the second highest rate in the euro area for house loans after Ireland (3.3 per cent).
The interest rate on consumer credit rose to 4.56 per cent, compared with 4.33 per cent in the previous month and is below the eurozone’s average (4.84 per cent).
The interest rate on loans to non-financial corporations for amounts up to €1 million recorded a marginal increase to 4.75 per cent, compared with 4.74 per cent in the previous month and remains the second highest in the eurozone after Greece (5.34 per cent).
The interest rate on loans to non-financial corporations for amounts over €1 million increased to 4.06 per cent, compared with 3.87 per cent in the previous month and it is also the second highest after Greece (5.19 per cent).
The interest rate on deposits from households with an agreed maturity of up to one year increased to 1.54 per cent, compared with 1.51 per cent in the previous month and is the second highest in the eurozone after the Netherlands (1.66 per cent).
The corresponding interest rate on deposits from non-financial corporations recorded a decline falling to 1.49 per cent compared with 1.53 per cent in the previous month; however it remains the highest in the eurozone.
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