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Cyprus Central Bank Reveals October 2024 Interest Rate Trends

by THEFUTURE.TEAM

December 18, 2024

The Central Bank of Cyprus (CBC) published detailed figures on Monday regarding interest rates at Monetary Financial Institutions across the island for October 2024. The data highlights significant trends in mortgage loans, business loans, and deposit rates.

Mortgage Loan Rates

In October 2024, the average interest rate for new housing loans with floating rates and an initial fixed period of up to one year increased slightly to 4.55%, up from 4.49% in September. In contrast, the eurozone saw a slight decline, with the average rate dropping to 4.37%.

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Among local banks, Bank of Cyprus Public Company Ltd had the highest rate at 5.20%, while Alpha Bank Cyprus Ltd offered the lowest at 3.34%, a rise from 2.90% the previous month.

Hellenic Bank Public Company Ltd reduced its rate to 3.68% from 4.12%. Meanwhile, Ancoria Bank Ltd’s rate increased slightly to 4.39%, up from 4.28%, and Eurobank Cyprus Ltd saw its rate rise to 5.11% from 4.99%.

The overall average rate for housing loans, including renegotiations, climbed to 4.62% in October, up from 4.53% in September, while the eurozone average dropped to 4.37% from 4.59%.

Business Loan Trends

Interest rates for new business loans of up to €1 million with floating rates and an initial fixed period of up to one year saw a modest decline to 5.58% in October, down from 5.62% in September.

Alpha Bank Cyprus Ltd experienced the most significant increase, with its rate rising to 9.04% from 6.35%, the highest among local banks. Ancoria Bank Ltd offered the lowest rate at 4.80%, down from 5.02%.

Other banks showed stability or slight changes. Bank of Cyprus maintained its rate at 5.78%, and Hellenic Bank’s rate edged up to 4.94%, from 4.92%.

The overall average for new business loans, including renegotiations, dropped to 5.45% in October, down from 5.59% in September. In the eurozone, the average rate also decreased to 4.83%, from 5.03%.

A more notable decline was observed in the rates for business loans exceeding €1 million, with the average falling to 4.72% in October, down from 5.26% in September. The eurozone followed this trend, with rates decreasing to 4.58% from 4.67%.

Eurobank Cyprus Ltd reported the highest rate for loans over €1 million at 5.24%, while the National Bank of Greece (Cyprus) Ltd offered the lowest rate at 4.07%.

As for new contracts between Cypriot banks, October saw the following adjustments: Alpha Bank Cyprus Ltd lowered its rate to 5.28% from 5.43%, National Bank of Greece (Cyprus) dropped to 4.07% from 5.59%, Hellenic Bank decreased to 5.21% from 5.53%, Eurobank Cyprus Ltd fell to 5.24% from 5.40%, Cyprus Development Bank decreased to 4.80% from 5.16% (in August), and Bank of Cyprus reduced its rate to 5.19% from 5.32%.

Fixed-Term Deposit Rates

The average interest rate for new fixed-term deposits up to one year for households in Cyprus declined to 1.76% in October, from 1.98% in September. In comparison, the eurozone saw a drop to 2.74%, down from 2.97%.

The National Bank of Greece (Cyprus) recorded the highest rate at 2.48%, while the Bank of Cyprus had the lowest rate at 1.32%, a slight increase from 1.19%.

Eurobank Cyprus Ltd saw the largest decrease, with its rate falling to 2.07% from 2.83%.

For non-financial corporations, the average rate on fixed-term deposits up to one year rose to 2.19%, up from 2.14% in September. The eurozone average remained considerably higher at 3.06%, down from 3.28%.

Astrobank Public Co Ltd reported the most significant rise, with its rate increasing to 3.11% from 2.45%. In contrast, the Housing Finance Corporation had the lowest rate at 1.01%, a decrease from 1.74%.

AI Startup InsureVision Secures $2.7M To Predict Car Crashes Before They Happen

by THEFUTURE.TEAM

March 12, 2025

Imagine a world where your car doesn’t just react to accidents—it predicts them before they unfold. That’s the bold vision behind InsureVision, a London-based AI startup that just closed a $2.7 million seed round to turn predictive crash prevention into reality.

Why This Matters

Backing from State Farm Ventures, Rethink Ventures, and Twin Path Ventures signals serious industry confidence. State Farm, one of the world’s largest insurers, rarely bets on early-stage startups, making its participation a major endorsement of InsureVision’s tech.

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The Tech: AI That “Sees” Like A Human

Founded in 2023, InsureVision has built an AI system designed to process real-time video from standard car cameras—an approach they call “enviromatics.” Unlike conventional GPS-based trackers that assess risk through raw data points like speed and braking, InsureVision’s AI interprets the full driving environment.

Here’s the difference:

Traditional systems might flag sudden braking as reckless.
InsureVision’s AI understands that a pile-up ahead is the real risk and recognises defensive driving rather than penalising it.

Who’s Buying In?

The advanced car safety tech market is projected to grow from $21 billion today to $40 billion by 2030, and InsureVision wants a sizable cut. Its AI could reshape risk assessment for:

Insurance companies offering personalised pricing based on actual driving behaviour.
Fleet operators (think Uber, logistics firms) seeking real-time risk monitoring.
Automakers integrating AI-driven safety features to comply with evolving regulations.

Next Steps

Trials with major U.S. insurers are underway, with Japan next in line for expansion. Results from these pilots are expected by mid-2025.

“We’ve built a vision transformer—an AI that learns from what it sees, not just mechanical data like speed or acceleration,” says CEO Mark Miller. “This brings real-world context into risk assessment, making it a fundamentally more human approach.”

For investors and industry insiders, the bet is clear: If InsureVision delivers, it won’t just improve road safety—it could redefine the economics of auto insurance.