Cyprus Mail
Business

Firms, consumers benefit from January rates drop

Borrowing rates in the Cypriot banking system fell in January for consumer and corporate loans while mortgages became less affordable, the Central Bank of Cyprus said.

Non-financial companies had to pay on average 4.46 per cent per annum for new loans below €1m in January while those who received loans over €1m had to pay 3.72 per cent, which is 24 basis points and 40 basis points below respective December rates, the central bank said in a statement on its website on Wednesday. Households had to pay 4.42 per cent for loans taken in January, which is 14 basis points less than what they had to pay in December.

Mortgage rates rose by 8 basis points to 3.36 per cent in January compared to December, the central bank said.

Deposit rates for households with up to a year maturity remained unchanged at 1.54 per cent while that for non-financial companies fell to 1.33 per cent in January from 1.49 per cent in December, the Central Bank of Cyprus said.

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