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Cyprus Central Bank Reveals October 2024 Interest Rate Trends

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%.

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%.

Forbes Middle East Unveils 100 Most Powerful Businesswomen Of 2025

Forbes Middle East has unveiled its much-anticipated 2025 ranking of the region’s top businesswomen, spotlighting influential leaders reshaping industries and driving meaningful transformation. The list was based on business size, individual accomplishments, leadership impact, and corporate social responsibility initiatives.

Top Spot For Hana Al Rostamani

For the third consecutive year, Hana Al Rostamani, Group CEO of First Abu Dhabi Bank (UAE’s largest bank by assets), claims the top position. In addition to retaining her position in the Forbes Middle East ranking, she was also featured on Forbes’ 2024 list of the World’s Most Powerful Women, securing the 60th position globally. Under her leadership, the bank achieved an impressive $3.5 billion in net profits and $334.8 billion in assets in the first nine months of 2024.

Rising Stars In The Top 10

Shaikha Khaled Al Bahar of NBK Group and Shaista Asif, cofounder and Group CEO of PureHealth Holding, take the second and third spots respectively, completing the top three.

The top 10 remains largely unchanged from last year, with Tayba Al Hashemi of ADNOC Offshore, Alisha Moopen of Aster DM Healthcare GCC, and Suzanne Al Anani of Dubai Aviation Engineering Projects (DAEP) making their debut in the top 10. In total, 27 new leaders have joined the list this year.

A Diverse And Powerful Group Of Women

This year’s list features 100 women from 32 sectors and 29 nationalities, underlining the diversity of talent driving the region’s progress. The banking and financial services sector leads with 25 entries, followed by healthcare and technology with nine each, and venture capital with five. Remarkably, 40% of the top 10 women are from the banking and financial services sector. Notably, Shaista Asif (PureHealth Holding) and Alisha Moopen (Aster DM Healthcare GCC) are the only non-Arab women in the top 10.

UAE Leads With 46 Leaders

The UAE continues to dominate, with 46 of the women on the list hailing from the country, solidifying its status as a global business hub. Egypt follows with 18 influential women, and Saudi Arabia claims nine entries. Egyptians lead in representation, followed by Emiratis and Lebanese women.

Empowering Women Through Initiatives

Several of the leaders have focused on upskilling and creating opportunities for women. Susana Rodriguez Puerta launched the ‘sAIdaty’ initiative in collaboration with the Dubai Business Women Council, aimed at providing 500 female council members in the UAE with AI skills. Similarly, Lamia Tazi of SOTHEMA collaborated with the Foundation for Research, Development, and Innovation in Science and Engineering to provide scholarships to PhD students from low-income backgrounds.

Click here for the full list.

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