Interest rates drop for mortgages in Cyprus, while deposits are rising

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Interest rates for mortgages and business loans exceeding €1m in the Cypriot banking system dropped to just over 3% respectively in April, from 4% during the previous month, which are both all-time lows, the Central Bank of Cyprus said. Conversely, borrowers saw the cost of consumer loans rise in April from March according to a statement the central bank made on its website this week.