Deposit interest rates decrease in January, according to CBC

The Central Bank of Cyprus (CBC) on Monday released a report revealing a decline in deposit interest rates in January 2024, alongside a mixed picture in interest rates for key loan categories.

According to the CBC’s January statistics, interest rates for household time deposits, maturing within one year, saw a reduction to 2.06 per cent, down from the previous month’s 2.29 per cent.

Similarly, interest rates for non-financial corporations’ time deposits experienced a decrease to 2.11 per cent, compared to the 2.19 per cent recorded in the preceding month.

Turning to loan interest rates, the rate for consumer loans witnessed a decline to 5.64 per cent, down from 5.88 per cent in the previous month.

In contrast, the interest rate for housing loans increased to 5.26 per cent, up from 5.16 per cent.

For loans to non-financial corporations, amounts up to €1 million saw an increase in interest rates to 5.65 per cent, compared to the previous month’s 5.62 per cent.

Finally, loans exceeding €1 million, on the other hand, recorded a rise to 6.02 per cent, marking an increase from the 5.73 per cent reported in the prior month.