CBC releases interest rate report for households and businesses

The Central Bank of Cyprus (CBC) this week released detailed interest rate data for deposits and loans from individual credit institutions.

This marks the first instance of this report being published, with the CBC saying that these will be published on a monthly basis from now on.

In addition, the CBC said that this initiative, which began with data from July 2024, aims to provide households and businesses with a comprehensive overview of interest rates across the banking sector.

For new fixed-term deposits of up to one year from households, the CBC reported that Alpha Bank Cyprus offered 2 per cent, Ancoria Bank Ltd provided 2.01 per cent, and Astrobank gave 1.79 per cent.

In addition, the National Bank of Greece (Cyprus) offered 2.49 per cent, Hellenic Bank 1.42 per cent, and Eurobank Cyprus 2.46 per cent.

Moreover, the Cyprus Development Bank offered 1.72 per cent, the Housing Finance Corporation 2.17 per cent, Societe Generale 2.18 per cent, the Bank of Cyprus 1.35 per cent, and Jordan Ahli Bank PLC 2.27 per cent.

For new fixed-term deposits of up to one year from non-financial corporations, interest rates varied slightly.

Alpha Bank Cyprus offered 2.01 per cent, Ancoria Bank 2.25 per cent, Astrobank 2.41 per cent, National Bank of Greece (Cyprus) 2.50 per cent, Hellenic Bank 2.62 per cent, Eurobank Cyprus 2.18 per cent, and the Cyprus Development Bank offered 2.67 per cent. The Housing Finance Corporation had a significantly lower rate at 0.52 per cent.

The reported interest rates for new housing loans to households range from 3.41 per cent at Alpha Bank Cyprus to 5.22 per cent at the Cyprus Development Bank.

Other rates include 4.08 per cent from Ancoria Bank, 3.87 per cent from Astrobank, 3.99 per cent from Hellenic Bank, 4.79 per cent from Eurobank Cyprus, 2.96 per cent from the Housing Finance Corporation, and 5.04 per cent from the Bank of Cyprus.

For new loans of up to €1 million to non-financial corporations, the interest rates are 1.88 per cent from Alpha Bank Cyprus, 5.77 per cent from Ancoria Bank, 4.90 per cent from Hellenic Bank, and 5.69 per cent from Eurobank Cyprus.

Additionally, the Cyprus Development Bank offers 5.50 per cent, Societe Generale provides 7.38 per cent, and the Bank of Cyprus offers 5.72 per cent.

For new loans exceeding €1 million to non-financial corporations, interest rates are reported as 5.14 per cent from Ancoria Bank, 5.75 per cent from the National Bank of Greece (Cyprus), and 5.26 per cent from Hellenic Bank. Eurobank Cyprus offers a rate of 4.72 per cent, followed by 7.07 per cent from the Cyprus Development Bank, and 7.38 per cent and 6.66 per cent from the Bank of Cyprus.

Interest rates for existing fixed-term deposits of up to two years from households vary across banks. Alpha Bank Cyprus offers 2.20 per cent, while Ancoria Bank provides 2.66 per cent.

Astrobank offers a rate of 1.52 per cent, and the National Bank of Greece (Cyprus) offers 2.73 per cent.

Hellenic Bank has a lower rate of 0.42 per cent, and Eurobank Cyprus offers 2.13 per cent.

The Cyprus Development Bank provides a rate of 1.98 per cent, and the Housing Finance Corporation offers 1.60 per cent.

Societe Generale has a rate of 2.31 per cent, the Bank of Cyprus offers 0.81 per cent, while the Arab Jordan Investment Bank provides 2.66 per cent.

SBA offers 2.44 per cent, Jordan Ahli Bank offers 2.35 per cent, while the Jordan Kuwait Bank provides 2.42 per cent.

For existing fixed-term deposits of up to two years from non-financial corporations, interest rates vary across different banks. Alpha Bank Cyprus offers 2.45 per cent, Ancoria Bank provides 2.17 per cent, and Astrobank offers 2.25 per cent.

Other rates include 2.40 per cent from the National Bank of Greece (Cyprus), 1.65 per cent from Hellenic Bank, 1.70 per cent from Eurobank Cyprus, and 2.43 per cent from the Cyprus Development Bank.

Additionally, the Housing Finance Corporation offers 0.95 per cent, Societe Generale 2.64 per cent, the Bank of Cyprus 2.05 per cent, Arab Jordan Investment Bank 2.62 per cent, SBA 2.50 per cent, Jordan Ahli Bank 1.90 per cent, and Jordan Kuwait Bank 2.22 per cent.

Interest rates for existing housing loans with a duration of more than five years to households vary across different banks.

They stand at 4.42 per cent from Alpha Bank Cyprus, 4 per cent from Ancoria Bank, 4.65 per cent from Astrobank, 4.21 per cent from the National Bank of Greece (Cyprus), 4.33 per cent from Hellenic Bank, 4.90 per cent from Eurobank Cyprus, 4.43 per cent from the Cyprus Development Bank, 2.93 per cent from the Housing Finance Corporation, 3.68 per cent from Societe Generale, and 5.18 per cent from the Bank of Cyprus.

For existing loans with a duration of more than five years to non-financial corporations, the interest rates are 5.73 per cent from Alpha Bank Cyprus, 6.03 per cent from Ancoria Bank, 6.50 per cent from Astrobank, 5.34 per cent from the National Bank of Greece (Cyprus), and 4.85 per cent from Hellenic Bank.

Other rates include 5.63 per cent from Eurobank Cyprus, 6.65 per cent from the Cyprus Development Bank, 6.63 per cent from Societe Generale, 6.08 per cent from the Bank of Cyprus, and 6.41 per cent from SBA.

Meanwhile, according to the CBC, this monthly publication of interest rate data aims to offer easier access to vital financial information for households and businesses.

The CBC also hinted that future reports may include additional data to further assist the public.

Finally, the CBC said that for precise and up-to-date information on interest rates, individuals and businesses should continue to consult directly with their respective banks.