Cyprus Mail
Business

Banks reduce rates in November except for companies

Interest rates in the Cypriot banking system dropped in November for both deposits and non-corporate loans, reaching in certain cases all-time lows, the central bank said.

interest-ratesHouseholds received in November 1.46 per cent for their deposits with a maturity of up to 12 months, which is the lowest ever and 1 basis point less compared to October, the Central Bank of Cyprus said on its website. Non-financial firms received 1.36 per cent, which is 4 basis points less. All rates refer to new business.

Mortgage rates dropped in November by 2 basis points in a month to 2.95 per cent, which is the lowest ever, while consumer loan rates dropped by 5 per basis points to 4.23 per cent, the bank supervisor said.

The borrowing cost for non-financial corporations rose in the case of loans below €1m by 4 basis points to 4.1 per cent and in the case of loans in excess of that amount by 2 basis points to 3.81 per cent, the central bank said.

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