Cyprus Mail

Borrowing and deposit rates drop in May, CBC says

Interest rates on new deposits fell in May from April on accounts held by both households and companies while new loans generally became more affordable, the Central Bank of Cyprus said.

The rates on deposits with maturity of up to a year held by households fell by 9 basis points to 1.49 per cent, the central bank said in a statement on its website on Tuesday. The drop in company deposits was more extensive, from 1.51 per cent to 1.34 per cent.

Interest rates on loans below €1m extended to companies fell by 2 basis points in May, compared to April, while those for loans over €1m fell 77 basis points, to 3.84 per cent, the central bank said.

While housing loans became more affordable, as the mortgage rate fell by 4 basis points to 3.09 in May, rates on consumer loans rose from 4.36 in April, to 4.49 per cent in May, the supervisory authority said.

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