The interest rate on deposits from households with an agreed maturity of up to one year recorded an increase to 2.29% in December 2023, while the interest rate on consumer credit decreased to 5.88%, according to data published by the Central Bank of Cyprus in the January 2024 edition of Monetary and Financial Statistics, on Thursday.

CBC notes that the interest rate on deposits from households with an agreed maturity of up to one year recorded an increase to 2.29%, from 2.01% in the previous month. The corresponding interest rate on deposits from non-financial corporations registered a decrease to 2.19%, from 2.29% in the previous month.

The same month, the interest rate on consumer credit decreased to 5.88%, compared with 6.26% in the previous month. On the other hand, the interest rate on loans for house purchase increased to 5.16%, compared with 5.04% in the previous month.

The interest rate on loans to non-financial corporations for amounts up to €1 million decreased to 5.62%, compared with 6% in the previous month. The interest rate on loans to non-financial corporations for amounts over €1 million registered an increase to 5.73%, compared with 5.59% in the previous month.

Total new loans recorded a decrease to €725.4 million in December 2023, compared with €743.7 million in the previous month.

Specifically, new loans for consumption decreased to €17.6 million (of which €14.8 mil. pure new loans), compared with €23.8 million in the previous month (of which €21.3 mil. pure new loans). New loans for house purchase recorded a decrease to €161.4 million (of which €90.8 mil. pure new loans), compared with €237.7 million in the previous month (of which €87.8 mil. pure new loans).

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

New loans to non-financial corporations for amounts over €1 million registered an increase to €435.6 million (of which €150.2 mil. pure new loans), compared with €381.9 million in the previous month (of which €99.7 mil. pure new loans).