Lending interest rates in Cyprus remained the highest in the eurozone in July despite recent reductions, figures released by the Central Bank of Cyprus and the ECB show.
With regard to deposits, the Cypriot rate for one-year notice deposits from households remained unchanged at 1.66%, the third highest in the eurozone, following Holland with 1.74% and Belgium with 1.93%. The eurozone average rate stood at 0.68%.
Cypriot interest rates for deposits from non-financial companies increased to 1.72% in July, compared with 1.33% in June, the highest in the eurozone.
Regarding lending rates, Cyprus in July registered the second lowest rate regarding consumer loans in the eurozone. The rate declined to 4.26% compared with 4.57% in June, wheareas the eurozone average stood at 5.09%.
On house purchase, the Cypriot rates declined to 3.25% in July from 3.36% in June but were the second highest in the eurozone. Ireland registered the highest rate for house purchase with 3.35%, whereas the eurozone average stood at 2.04%.
The rate for loans to companies up to €1 million declined to 4.46% compared with 4.54% in June. The eurozone average stood at 2.83%.
For corporate loans above €1 million, the Cypriot rates, despite declining to 4.33% in July, were by far the highest in the eurozone. Greece followed with 3.94%, whereas the eurozone average was just 1.55%.