Deposit rate spread closed in Cyprus

Interest rates for deposits by households and corporations in Cyprus converged and matched in March, from having a spread of 55 basis points in February, according to data released by the Central Bank of Cyprus.

Interest rates on deposits from households with a maturity of up to one year rose to 2.24%, up from 1.98% the previous month. Meanwhile, the interest rates on deposits from non-financial corporations dropped to 2.24%, down from 2.53% in February.

The interest rate on consumer credit nudged up slightly to 6.19%, compared to 6.17% the previous month. However, the interest rate for loans for house purchases saw a decrease to 4.75%, down from 5.15% in the previous month.

Loans to non-financial corporations for amounts up to 1 million euros also saw a decrease to 5.52%, compared to 5.91% in the previous month. For loans over €1 million, the rate dropped to 5...