The highest average interest rate on new floating-rate housing loans in Cyprus reached 5.24% in March, according to a report published on Monday by the Central Bank of Cyprus (CBC).
New Floating-Rate Housing Loans
The Bank of Cyprus provided the highest average rate for new floating-rate housing loans with an initial rate fixation period of up to one year at 5.24%. Eurobank Cyprus followed with 4.58%. Hellenic Bank offered the lowest rate in this category at 2.50%.
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Housing Loans with Floating Interest Rate and Initial Fixed Rate Period
For housing loans with a floating interest rate and an initial fixed rate period between one and five years, the Bank of Cyprus again recorded the highest average rate at 4.53%. The lowest rate in this category was offered by Ancoria Bank at 2.94%.
Business Lending
The Central Bank data also highlighted differences in business lending. For loans of up to €1 million to non-financial companies, with a floating interest rate and an initial rate fixation period of up to one year, the highest average rate was 7.04% offered by Banque SBA.
The Cyprus Development Bank Public Company Ltd followed with 6.09%. Alpha Bank offered the lowest rate in this category at 3.95%.
Deposits
In terms of deposits, the highest average interest rate for household time deposits in eurozone currencies with terms of up to one year was 2.00% offered by the Arab Jordan Investment Bank SA. Eurobank Cyprus Ltd followed with 1.88%. Astrobank offered the lowest household deposit rate at 0.92%.
For corporate time deposits of up to one year, Astrobank recorded the highest average interest rate at 2.15%. The Bank of Cyprus offered the lowest corporate deposit rate at 0.90%.
