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]
