The Central Bank of Cyprus (CBC) reported on Tuesday a decline in most deposit and lending rates in November, except for loans to non-financial corporations exceeding €1 million, which recorded an increase.

The interest rate for household time deposits of up to one year fell to 1.70 per cent in November, down from 1.76 per cent in October. Similarly, the rate for non-financial corporations decreased to 1.99 per cent, compared to 2.19 per cent in the previous month.

On the lending side, consumer loan rates dropped significantly to 6.99 per cent from 8.00 per cent in October.

Home loan rates also declined, reaching 4.50 per cent, compared to 4.62 per cent the previous month.

Loans to non-financial corporations for amounts up to €1 million saw a reduction in rates, falling to 5.01 per cent from 5.45 per cent.

In contrast, loans to corporations for amounts exceeding €1 million rose to 4.97 per cent, up from 4.72 per cent.

Meanwhile, total new loans in November experienced a significant rise, reaching €635.7 million compared to €533.8 million in October.

Among these, new consumer loans increased to €25.3 million, with €22.3 million attributed to net new loans, surpassing the previous month’s figures of €21.3 million and €20.2 million, respectively.

Similarly, loans for home purchases grew to €129.5 million, including €98.5 million in net new loans, up from October’s €115.7 million and €96.1 million.

Loans granted to non-financial corporations for amounts up to €1 million also rose, totalling €73.5 million, with net new loans contributing €57.8 million, compared to €57.3 million and €41.8 million in the preceding month.

The largest increase was observed in loans exceeding €1 million for non-financial corporations, which reached €398.2 million, of which €154.5 million were net new loans, a notable rise from €333.9 million and €201.8 million recorded in October.