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12° Nicosia,
21 June, 2024
 

Household deposit rates surge as home buying loan rates dip

Cyprus' Central Bank report highlights March's notable trends in deposit and lending rates

Newsroom

In March 2024, the financial landscape in Cyprus saw some interesting shifts, according to data released by the Central Bank of Cyprus. Here's a breakdown of what happened:

Interest rates on deposits from households with a maturity of up to one year rose to 2.24%, up from 1.98% the previous month.  Meanwhile, the interest rates on deposits from non-financial corporations dropped to 2.24%, down from 2.53% in the previous month.

The interest rate on consumer credit nudged up slightly to 6.19%, compared to 6.17% the previous month.  However, the interest rate for loans for house purchases saw a decrease to 4.75%, down from 5.15% in the previous month.  Loans to non-financial corporations for amounts up to €1 million also saw a decrease to 5.52%, compared to 5.91% in the previous month. For loans over €1 million, the rate dropped to 5.88%, down from 6.07% in the previous month.

Total new loans for March amounted to €496.4 million, down from €575.5 million in the previous month.  New loans for consumption dipped slightly to €22.2 million, with €20.5 million being pure new loans.  New loans for house purchases also decreased to €119.6 million, with €86.9 million being pure new loans.  On the other hand, new loans to non-financial corporations for amounts up to €1 million increased to €69.3 million, with €52.2 million being pure new loans.  However, new loans to non-financial corporations for amounts over €1 million saw a decrease to €270.8 million, with €123.8 million being pure new loans.

These changes reflect the dynamic nature of the financial sector, with fluctuations in interest rates and lending patterns influencing borrowing and saving behaviors in Cyprus.

[Information from CNA]

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Cyprus  |  economy  |  banks

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