Central Bank: unchanged deposit rate, small decrease to housing loans rate

The interest rate on deposits from households with an agreed maturity of up to one year remained unchanged at 0.06 per cent, compared to December 2021, according to Cyprus Central Bank. At the same time, the interest for housing loans has slightly decreased to 2.15 per cent, from 2.21 per cent in December.

More specifically, the interest rate on deposits from households with an agreed maturity of up to one year remained unchanged at 0.06 per cent, compared with the previous month, while the corresponding interest rate on deposits from non-financial corporations recorded an increase to 0.12 per cent, compared with 0.02 per cent in the previous month.

For lending rates, the interest rate on consumer credit rose to 3.10 per cent, compared with 2.90 per cent in the previous month, while the interest rate on loans for house purchase decreased to 2.15 per cent, compared with 2.21 per cent in December.

The interest rate on loans to non-financial corporations for amounts up to €1 million fell to 3.21 per cent, compared with 3.25 per cent in the previous month, but for amounts over €1 million, it registered an increase to 2.86 per cent, compared with 2.84 per cent in the previous month.

There was a big decrease recorded to new loans in January, since they fell to €289.3 million in January 2022, compared with €643.7 million in the previous month.

New loans for consumption registered a decline to €11.7 million, compared with €13,3 million, while new loans for house purchase decreased to €104.6 million, compared with €152.9 million in December.

New loans to non-financial corporations for amounts up to €1 million fell to €34.4 million, compared with €76.4 million in the previous month, while the ones for amounts over €1 million recorded a decrease to €128.9 million, compared with €381,4 million in the previous month.

The total amount of deposits for all currencies decreased in January 2022 to €51.3 bln, compared with €51.5 bln in December. The €30.11 bln of these are household deposits.

These statistics are included in the February 2022 edition of Monetary and Financial Statistics.