Cyprus Mail

Rates rise in April for restructured loans, deposits, mortgages

Banks enticed non-financial companies and households to save more with higher rates in April, the month following the completion of Cyprus’s adjustment programme, and charged home buyers and larger companies higher rates.

Interest rates for deposits with a maturity of up to 12 months rose by 15 basis points in April, to 1.51 per cent, in the case of companies, while rates for households rose by 6 basis points, to 1.58 per cent, the Central Bank of Cyprus said in a statement on its website on Friday.

While mortgages became marginally less affordable by rising 2 basis points in April, to 3.13 per cent, the rates on company loans in excess of €1m rose by 131 basis points, to 4.61, the central bank said, adding that this increase reflects both new business and renegotiated loans.

On the other hand, the average rate on consumer loans fell to 4.36 per cent in April, from 4.47 per cent in March, and loans to companies below €1m, dropped by 25 basis points, to 4.14 per cent, the supervisory authority said.

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