An increase in consumer loan rates and a decrease in mortgage rates were recorded in March, while deposit rates for households also increased, according to the monetary and financial institutions’ interest rate statistics for Cyprus released by the Central Bank.
According to the same data, the total amount of new lending decreased by €79 million in March compared to the previous month.
According to the Central Bank of Cyprus, the interest rate for fixed-term deposits of up to one year from households increased to 2.24%, compared to 1.98% in the previous month. The corresponding interest rate for deposits from non-financial corporations decreased to 2.24%, compared to 2.53% in the previous month.
The interest rate on consumer loans increased to 6.19%, compared to 6.17% in the previous month. In contrast, the interest rate on housing loans decreased to 4.75%, compared to 5.15%. The interest rate on loans to non-financial corporations for amounts up to €1 million fell to 5.52%, compared to 5.91% in the previous month, as did the interest rate on loans to non-financial corporations for amounts above €1 million, which decreased to 5.88%, compared to 6.07% in the previous month.
In March 2024, total new loans decreased to €496.4 million, compared to €575.5 million in the previous month, the CBC reports.
Specifically, new consumer loans decreased to €22.2 million, of which €20.5 million concerned net new loans, compared to €23.2 million in the previous month, of which €21.3 million were net new loans.
New housing loans decreased to €119.6 million, of which €86.9 million were net new loans, compared to €144.1 million in the previous month, of which €79.2 million were net new loans.
New loans to non-financial corporations for amounts up to €1 million increased to €69.3 million, of which €52.2 million were net new loans, compared to €57.3 million in the previous month, of which €37.6 million were net new loans.
Finally, new loans to non-financial corporations for amounts above €1 million decreased to €270.8 million, of which €123.8 million were net new loans, compared to €340.7 million in the previous month, of which €124.4 million were net new loans.
These data are included in the April 2024 edition of ‘Monetary and Financial Statistics’ published by the Central Bank.
