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Lending and deposit interest rates drop in July

The downward trend in lending and deposit rates continued in July, with marginal reductions in borrowing costs for housing and consumer loans.

According to data released on Friday by the Central Bank of Cyprus the interest rate on consumer credit recorded a marginal decrease to reach 4.22%, compared with 4.23% in the previous month.

The interest rate on housing loans fell to 2.75%, compared with 2.82% in the previous month.

The interest rate on loans to non-financial corporations for amounts up to €1 million decreased to 4.03%, compared with 4.05% in the previous month. The interest rate on loans to non-financial corporations for amounts over €1 million rose to 3.63%, compared with 3.56% in the previous month.

The interest rate on deposits from households with an agreed maturity of up to one year fell to 1.26%, compared with 1.35% in the previous month.

The corresponding interest rate on deposits from non-financial corporations also registered a decline to reach 1.38%, compared with 1.48% in the previous month.

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