The interest rate for one-year time deposits by households increased to 2.29% in December 2023, while in the same month the interest rate for consumer loans decreased to 5.88%, according to data published by the Central Bank of Cyprus on Thursday and included in the issue of Monetary and Financial Statistics, January 2024.
Specifically, the interest rate for time deposits up to one year by households recorded an increase to 2.29%, compared to 2.01% the previous month. The corresponding interest rate for deposits by non-financial corporations decreased to 2.19%, compared to 2.29% the previous month.
The interest rate for consumer loans decreased to 5.88%, compared to 6.26% the previous month. On the contrary, the interest rate for housing loans increased to 5.16%, compared to 5.04% the previous month.
The interest rate for loans to non-financial corporations for amounts up to €1 million decreased to 5.62%, compared to 6% the previous month. The interest rate for loans to non-financial corporations for amounts over €1 million recorded an increase to 5.73%, compared to 5.59% the previous month.
According to the CBC, in December 2023, total new loans decreased to €725.4 million, compared to €743.7 million the previous month.
Specifically, new consumer loans decreased by 26% to €17.6 million (of which €14.8 million are net new loans), compared to €23.8 million the previous month (of which €21.3 million are net new loans).
New housing loans decreased by 32% to €161.4 million (of which €90.8 million are net new loans), compared to €237.7 million the previous month (of which €87.8 million are net new loans).
New loans to non-financial corporations for amounts up to €1 million decreased to €85 million (of which €57.6 million are net new loans), compared to €91.5 million the previous month (of which €42.4 million are net new loans), and new loans to non-financial corporations for amounts over €1 million increased to €435.6 million (of which €150.2 million are net new loans), compared to €381.9 million the previous month (of which €99.7 million are net new loans).
