Deposits and loan rates decrease

Deposits and loan rates, apart from consumer loans, were down in December 2017 in Cyprus, data released by the Cyprus Central Bank data released on Thursday show.

According to the official data household deposits with agreed maturity of up to one year dropped to 1.17% compared to 1.22% in the previous month.

European Central Bank show that in December, Cyprus had the second highest such rate in the eurozone after the Netherlands (1.59%) while Ireland had the lowest (0.05%). Euro area average was at 0.34%.

The rate for deposits from non-financial corporations with agreed maturity up to one year was fell at 1.32% compared to 1.38% in November 2017. Cyprus had the highest such deposit in the euro area and Greece followed (0.93%). The lowest such rate in December was in Ireland (0.02%) while euro area average was at 0.06%.

Loan rates down, apart from consumer loans

The Cyprus Central Bank data show that consumer loans rates in December stood at 4.20% compared to 3.73% in the previous month. Latvia had the highest such rated in the euro area (17.76%) while Luxembourg had the lowest (1.20%). Euro area average was at 4.45%.

The rate concerning loans for house purchase at floating rate and up to one year was fell in December, in Cyprus, to 2.53% compared to 2.62% in November. Ireland recorded the highest such rate (3.02%) while Finland the lowest (0.93%). Euro area average stood at 1.68%.

The rate on loans of up to €1 million to non-financial corporations dropped to 3.56% compared to 3.65% in the previous month. Malta had the highest such rate (4.89%) and Belgium the lowest (2.11%). Euro area average rate was 2.11%.

The rate on loans over €1 million to non-financial corporations also recorded a drop last December reaching 3.50% compared to 3.84% in November.  Cyprus had the second highest rate in the euro area after Greece (4.36%). Italy had the lowest rate (1.13%) while the average rate in the euro area was 1.32%.