The gap between the average interest rate on loans and that on bank deposits widened again in Cyprus in March, according to the latest data released by the Central Bank of Cyprus.

The average household deposit rate fell to 0.47% while the corresponding interest rate for home purchase loans rose to 4.67%, which is one of the highest in the EU, widening the gap to 4.2%.

Moreover, the average interest rate in the euro area in March for household deposits stood at 2.09% compared to Cyprus’  1.62%.

And the average interest rate in the euro area for deposits from businesses is at 2.56% but the rate offered by banks in Cyprus is at 1.44%.

The figures released by the European Central Bank show the large differences that exist.

In more detail, the average interest rate for deposits from households in each country is: Cyprus 0.47%, Belgium 2.48%, Germany 2.19%, Estonia 2.35%, Ireland 1.13%, Greece 1.16%, Spain 1.36%, France 2.83%, Italy 2.82%, Latvia 2.13%, Lithuania 1.71%, Luxembourg 2.35%, Malta 1.96%, the Netherlands 2.36%, Austria 2.24%, Portugal 0.88%, Slovenia 0.58%, Slovakia 2.50%, Finland 2.35%.

The yields on business deposits are in the same unfavourable position: Cyprus 1.12%, Belgium 2.59%, Germany 2.58%, Estonia 2.13%, Ireland 2.28%, Greece 1.47%, Spain 2.31%, France 2.93%, Italy 2.56%, Latvia 2.05%, Lithuania 2.05%, Luxembourg 2.58%, Malta 1.50%, Netherlands 2.32%, Austria 2.66%, Portugal 1.98%, Slovenia 1.38%, Slovakia 2.56%, Finland 2.76%.