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Borrowing costs increase in August, central bank says

Credit in the Cypriot banking system became slightly less affordable in August as banks increased the cost for most loan categories which still remained close to a historical low, the Central Bank of Cyprus said.

rates-augustWhile borrowing rates for corporate loans below €1m fell in August to 3.96 per cent, which is 27 basis points below that of July, all other loan categories rose, the central bank said in a statement on its website on Tuesday. The annual cost of corporate loans over €1m rose to 3.88 per cent from 3.71 per cent the month before.

Mortgage rates rose last month to 3.04 per cent which is 10 basis points more compared to July, the central bank said. Consumer loan rates rose to 4.34 per cent from 4.01 per cent.

Households were rewarded for their deposits in August with a maturity of up to 12 months with an annual interest rate of 1.52 per cent, which is marginally higher compared to the month before, the supervisory authority said. On the other hand, companies received 1.30 per cent for their deposits with maturity of up to a year which is 9 per cent lower compared to July.

All figures apply to new business.

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