In March 2024, the interest rate on consumer loans recorded a further increase in Cyprus, while the interest rate for house purchase loans recorded a decrease. At the same time, the rate for households deposits went up, according to the statistics on interest rates applied by monetary financial institutions in Cyprus released on Wednesday by the Central Bank of Cyprus. According to the same data, during the same month the total amount of new lending decreased by €79 million, compared to the previous month.
Deposit rates
According to CBC, the interest rate on deposits from households with an agreed maturity of up to one year recorded an increase to 2.24%, compared with 1.98% in the previous month. The corresponding interest rate on deposits from non-financial corporations registered a decrease to 2.24%, compared with 2.53% in the previous month.
Lending rates
The interest rate on consumer credit increased to 6.19%, compared with 6.17% in the previous month. The interest rate on loans for house purchase decreased to 4.75%, compared with 5.15% in the previous month.
At the same time, the interest rate on loans to non-financial corporations for amounts up to €1 million decreased to 5.52%, compared with 5.91% in the previous month. The interest rate on loans to non-financial corporations for amounts over €1 million registered a decrease to 5.88%, compared with 6.07% in the previous month.
New loans
According to the data released by CBC, total new loans recorded a decrease to €496.4 million in March 2024, compared with €575.5 million in the previous month.
New loans for consumption decreased to €22.2 million, of which €20.5 mil. pure new loans, compared with €23.2 million in the previous month, of which €21.3 mil. pure new loans.
New loans for house purchase recorded a decrease to €119.6 million, of which €86.9 mil. pure new loans, compared with €144.1 million in the previous month, of which €79.2 mil. pure new loans.
Furthermore, new loans to non-financial corporations for amounts up to €1 million increased to €69.3 million, out of which €52,2 mil. were pure new loans, compared with €57.3 million in the previous month, of which €37.6 mil. pure new loans.
New loans to non-financial corporations for amounts over €1 million registered a decrease to €270.8 million, of which €123.8 mil. pure new loans, compared with €340.7 million in the previous month, of which €124.4 mil. pure new loans.