Household deposit and lending rates in Cyprus experienced a slight decrease in January 2023, while the corresponding rates for non-financial companies increased, according to a report by the Central Bank of Cyprus (CBC).

The figures referenced in the report are included in the central bank’s Monetary and Financial Statistics publication, February 2023 edition.

According to the report, the interest rate on deposits, with a term of up to one year, from households, fell to 0.24 per cent, compared to 0.35 per cent in the previous month.

The corresponding interest rate for deposits from non-financial companies recorded an increase to 0.7 per cent, compared to 0.61 per cent in the previous month.

At the same time, in terms of lending rates for households, the interest rate on loans for the purchase of a house fell to 3.11 per cent, compared to 3.34 per cent in the previous month.

Additionally, the interest rate on consumer loans increased to 4.68 per cent, compared to 4.21 per cent in the previous month.

The interest rate for loans to non-financial companies for amounts up to €1 million experienced an increase to 4.82 per cent, compared to 4.71 per cent during the previous month.

What is more, the interest rate for loans to non-financial companies for amounts in excess of €1 million registered an increase to 5.37 per cent, compared to 3.52 per cent in the previous month.

In January 2023, total new loans experienced a decrease, falling to €305.7 million, compared to €545.2 million during the previous month.

Moreover, new consumer loans fell to €13.1 million, compared to €14.5 million in the previous month, while new housing loans fell to €90.9 million, compared to €103.8 million in the previous month.

New loans to non-financial companies for amounts up to €1 million fell to €51.4 million, compared to €72.6 million in the previous month.

Finally, the largest decrease was observed in new loans to non-financial corporations for amounts in excess of €1 million, with a drop of 58 per cent, with the total amount standing at €144.1 million, compared to €342.7 million during the previous month.