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&# 8217; 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.< /p>
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.