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Interest rates hit new record lows

05/01/2017 11:19
Interest rates for consumer and housing loans declined in November 2016, while household one-year notice deposit interest rates dropped to a new low, figures released by the Central Bank of Cyprus (CBC) show.

According to the CBC data, interest rates for household deposits for one-year notice accounts dropped to 1.46% from 1.47%, declining for third consecutive month.

The respective interest rates for corporate deposits declined to 1.36% in November 2016 compared with 1.40% the previous month.

Furthermore, interest rates for consumer and housing loans dropped in November, whereas rates for corporate loans increased.

Interest rates for consumer loans declined to 4.23% in November from 4.28% in October 2016.

After remaining unchanged in October, interest rates for housing loans declined to 2.95% from 2.97% the previous month.

Interest rates for corporate loans less than €1 million rose in November to 4.10% from 4.06% in October, whereas rates for corporate loans over €1 million rose to 3.81% in November from 3.79% in October, the CBC said.