Business

Interest rate for corporate deposits drops to new historic low in November 2018

The interest rate on corporate deposits Cyprus declined to 0.46% in November from 0.75% the month before, reaching a new historic low, according to data released today by the Central Bank of Cyprus (CBC).

Households deposit interest rate remained unchanged at 0.54%, the CBC said.

The rates for consumer loans marked a marginal increase in November reaching 3.49% compared with the historic low of 3.48% in October 2018.

According to the CBC, the rates for housing loans increased to 2.29% in November 2018 from 2.26% the month before.

Corporate loans rates for amounts up to €1 million increased to 3.53% in November compared with 3.49% the previous month.

The rates for corporate loans above €1 million declined to 3.21% compared with 3.26% in October 2018.

In November 2018 new loans declined to €246.4 million compared with €292.1 million in October 2018.

New consumer lending remained unchanged to 13.3 million in November, while new housing loans increased to €82.8 million compared with €69.2 million in the previous month.

New corporate loans for amounts up to €1 million declined to €41.8 million compared with €43.5 million in the previous month.

According to the CBC, new corporate loans for amounts over €1 million declined to €91 million compared with €144.8 million in October 2018.

(Cyprus News Agency)

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