Interest rate for corporate deposits declined to a historic low in December 2021

Interest rate for corporate deposits declined to 0.02% in December 2021, marking a historic low while rates for household deposits remained unchanged at 0.06%, data released by the Central Bank of Cyprus (CBC) show.

Compared with November 2021 (0.05%), the rates for corporate deposits declined by three basis points. Deposit rates have been on a constant downward path pushed by the extremely low or negative interest rate environment followed by Central Banks around the world, including the ECB.
 
According to the CBC, interest rates for household deposits remained unchanged at 0.06% in December 2021 remaining at the same historic low level since September 2021.
 
Furthermore, the interest rates form most loan categories as reported by the CBC rose in December 2021 with the exception of consumer loans which declined to 2.90% compared with 2.97% in the previous month.
 
Interest for loans for house purchase rose to 2.21% in December 2021 fro, 2.13% the month before.
 
According to the CBC, the interest rate for corporate loans up to €1 million, rose marginally to 3.25% from 3.24% in November 2021, whereas rates for corporate loans over €1 million marked the highest monthly increase, rising to 2.84% from 2.59% in November 2021.