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Cyprus & World News

Housing and consumer lending rates down, business rates up

06 February, 2014

Housing loan rates in Cyprus continued on a downward trend in December 2013, reaching their lowest level since June 2010. Consumer loan rates also fell reaching their lowest level in the last five years, Central Bank data showed.
On the other hand, business loan rates were up in December following a downward trend recorded since last August.
In particular, the rate on housing loans (fixed rate for a year and variable afterwards) fell in December to 4.67% down from 4.71% in November.
Consumer loan rates were recorded in December 2013 at 6.00% down from 6.57% in November.
Business loans of up to a million euro came to 6% in December 2013 compared to 5.62% in the previous month. Rates for business loans for over a million euro rose to 5.23% up from 4.26% in November 2013.
New deposit rates for households and businesses on the other hand were up in December.
One year fixed deposits for households were recorded in December at 2.23% from 2.20% in the previous month. Household two-year fixed deposits came to 4.08% as opposed to 3.37% in November.