Deposit rates in Cyprus recorded a slight increase in August 2023 compared to July, according to the latest data released by the Central Bank of Cyprus (CBC) on Wednesday.

As far as lending rates are concerned, an increase was recorded only in consumer loans, while the other categories recorded a slight decrease.

Specifically, the interest rate for time deposits up to one year by households rose to 0.88%, compared to 0.87% last month.

The corresponding interest rate for deposits from non-financial corporations increased to 1.78%, compared with 1.68% in the previous month.

The interest rate on consumer loans increased to 6.06%, compared to 5.51% in the previous month.

The interest rate on home purchase loans decreased to 4.20%, compared to 4.50% in the previous month.

The interest rate on loans to non-financial companies for amounts up to €1 million decreased to 5.56%, compared to 5.65% in the previous month. The interest rate on loans to non-financial companies for amounts above €1 million recorded a decrease to 6.10%, compared to 6.33% in the previous month.