Cyprus sees increase in household deposit interest rates

The Central Bank of Cyprus (CBC) this week released a quarterly report showing that the interest rate on household deposits with a maturity of up to one year increased to 2.29 per cent, up from 2.01 per cent in the previous month.

At the same time, the interest rate on deposits from non-financial corporations decreased slightly to 2.19 per cent, compared to 2.29 per cent in the previous month.

In terms of consumer credit, the interest rate experienced a decrease to 5.88 per cent, marking a reduction from 6.26 per cent in the previous month.

Conversely, the interest rate on loans for house purchases increased to 5.16 per cent, up from 5.04 per cent in the previous month.

Looking at loans to non-financial corporations, the interest rate for amounts up to €1 million decreased to 5.62 per cent, down from 6 per cent in the previous month.

However, loans exceeding €1 million saw an increase in the interest rate, rising to 5.73 per cent from 5.59 per cent in the previous month.

Total new loans in December 2023 amounted to €725.4 million, showing a decrease from €743.7 million in the previous month.

New consumer loans decreased by 26 per cent to €17.6 million (of which €14.8 million were pure new loans), down from €23.8 million in the previous month (of which €21.3 million were pure new loans).

New loans for the purchases of houses decreased by 32 per cent to €161.4 million (of which €90.8 million were pure new loans), compared to €237.7 million in the previous month (of which €87.8 million were pure new loans).

New loans to non-financial corporations for amounts up to €1 million decreased to €85 million (of which €57.6 million were pure new loans), down from €91.5 million in the previous month (of which €42.4 million were pure new loans).

New loans to non-financial corporations for amounts over €1 million increased to €435.6 million (of which €150.2 million were pure new loans), up from €381.9 million in the previous month (of which €99.7 million were pure new loans).