02/12/2015 13:03
Lending rates in Cyprus show a gradual reduction remaining however, at high levels while deposit rates have stabilized, as new figures published by the European Central Bank show.
Political parties are concerned about the level of interest rates in Cyprus and examine the possibility of legislative regulation.
According to new data released today by the European Central Bank, the average interest rate on new business loans in Cyprus fell to 4.90% in October 2015 from 4.95% in September and 5.78% in October 2014. A decrease of 89 percentage points has been recorded since February 2015.
Interest rates on business loans were also high in Greece (4.88%) while the lowest interest rates are recorded in Finland (1.66%) and Luxembourg (1.82%).
In eurozone, the interest rate on business loans fell to 2.68% from 2.73% in September.
As regards interest rates on new housing loans in Cyprus, they declined to 3.98% in October from 4.03% in September 2015 and 5.05% in the corresponding month last year falling by 107 percentage points since February.
In Greece, mortgage rates stood at 3.05%.
In eurozone, the interest rate on housing loans fell to 2.58% from 2.61% in the previous month.
As regards the interest rate on new deposits in Cyprus it stood at 1.53% in October from 1.52% in September and 2.67% in October last year. This is the second highest deposit rate in the euro zone after the Netherlands. A decrease of 77 percentage points has been recorded since February.
In the eurozone, the cost of raising deposits rose to 0.66% from 0.68%.
The lowest deposit rates have been recorded in Lithuania (0.14%) and Estonia (0.21%).
Political parties are concerned about the level of interest rates in Cyprus and examine the possibility of legislative regulation.
According to new data released today by the European Central Bank, the average interest rate on new business loans in Cyprus fell to 4.90% in October 2015 from 4.95% in September and 5.78% in October 2014. A decrease of 89 percentage points has been recorded since February 2015.Interest rates on business loans were also high in Greece (4.88%) while the lowest interest rates are recorded in Finland (1.66%) and Luxembourg (1.82%).
In eurozone, the interest rate on business loans fell to 2.68% from 2.73% in September.
As regards interest rates on new housing loans in Cyprus, they declined to 3.98% in October from 4.03% in September 2015 and 5.05% in the corresponding month last year falling by 107 percentage points since February.
In Greece, mortgage rates stood at 3.05%.In eurozone, the interest rate on housing loans fell to 2.58% from 2.61% in the previous month.
As regards the interest rate on new deposits in Cyprus it stood at 1.53% in October from 1.52% in September and 2.67% in October last year. This is the second highest deposit rate in the euro zone after the Netherlands. A decrease of 77 percentage points has been recorded since February.
In the eurozone, the cost of raising deposits rose to 0.66% from 0.68%.
The lowest deposit rates have been recorded in Lithuania (0.14%) and Estonia (0.21%).