The Central Bank of Cyprus has released detailed interest rate data for deposits from each credit institution, aiming, as it emphasizes, to further enhance transparency. The data was published after reactions from various stakeholders due to the increase in lending rates (learn more), in contrast to the declining deposit rates. The average lending rates in Cyprus are among the highest in the EU, with banks facing criticism for their increase, while awaiting the second move to lower them by the ECB.
Term Deposits up to 1 Year for Households (New Business)
Deposit Rates for Non-Financial Corporations
The National Bank of Greece (Cyprus) and Eurobank stand out with the highest rates for term deposits up to one year for households, while Cyprus Development Bank Public Company Ltd leads for non-financial corporations. However, it's clear that despite these offerings, deposit rates in Cyprus remain relatively low, especially in comparison to lending rates, which are among the highest in the EU. As always, it's important for consumers and businesses to carefully compare rates to make informed financial decisions.
