CBC: Consumer loan rates rise, housing loan rates dip

Cyprus witnessed a rise in consumer loan interest rates in March of this year, alongside a decrease in rates for housing loans, while household deposit rates saw an increase, according to a report released this week by the Central Bank of Cyprus (CBC).

According to the same data, in the same month, the total amount of new loans decreased by €79 million compared to the previous month.

What is more, the Central Bank reported that the interest rate for household time deposits up to one year increased to 2.24 per cent, compared to 1.98 per cent the previous month.

The corresponding interest rate for deposits from non-financial corporations decreased to 2.24 per cent, compared to 2.53 per cent the previous month.

Meanwhile, the interest rate for consumer loans increased to 6.19 per cent, compared to 6.17 per cent the previous month.

In contrast, the interest rate for housing loans decreased to 4.75 per cent, compared to 5.15 per cent the previous month.

The interest rate for loans to non-financial corporations for amounts up to €1 million decreased to 5.52 per cent, compared to 5.91 per cent the previous month, as did the interest rate for loans to non-financial corporations for amounts over €1 million, which recorded a decrease to 5.88 per cent, compared to 6.07 per cent the previous month.

Elsewhere, the report noted that, in March 2024, the total new loans decreased to €496.4 million, compared to €575.5 million the previous month, according to the Central Bank.

Specifically, new consumer loans decreased to €22.2 million, of which €20.5 million were net new loans, compared to €23.2 million 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 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 the previous month, of which €37.6 million were net new loans.

Finally, new loans to non-financial corporations for amounts over €1 million decreased to €270.8 million, of which €123.8 million were net new loans, compared to €340.7 million the previous month, of which €124.4 million were net new loans.