Deposit and lending rates continued their upward trend on February, according to the statistics on interest rates applied by monetary financial institutions in Cyprus on deposits and loans of euro area residents in euro, as well as data regarding volumes of new euro denominated loans to euro area residents, published by the Central Bank of Cyprus in the March 2023 edition of Monetary and Financial Statistics.
The interest rate on deposits from households with an agreed maturity of up to one year recorded an increase to 0.59%, compared with 0.24% in the previous month, while the corresponding interest rate on deposits from non-financial corporations registered a decrease to 0.69%, compared with 0.70% in the previous month.
At the same time, the interest rate on loans for house purchase increased to 3.42%, compared with 3.11% in the previous month. The interest rate on consumer credit increased to 5.17%, compared with 4.68% in January.
The interest rate on loans to non-financial corporations for amounts up to pound 1 million increased to 4.85%, compared with 4.82% in the previous month, while the interest rate on loans to non-financial corporations for amounts over pound 1 million registered a decrease to 4.54%, compared with 5.37%.
Total new loans recorded an increase to pound 527.5 million in February 2023, compared with pound 305.7 million in the previous month. The increase is mainly due to new loans to non-financial corporations for amounts over pound 1 million, which increased by pound 299.9 million.
New loans for consumption increased to pound 16.3 million, compared with pound 13.1 million in the previous month, while new loans for house purchase recorded a decrease to pound 85.5 million, compared with pound 90.9 million in the previous month.
New loans to non-financial corporations for amounts up to pound 1 million decreased to pound 44.5 million, compared with pound 51.4 million in the previous month and new loans to non-financial corporations for amounts over pound 1 million registered an increase to pound 374 million, compared with pound 144.1 million in the previous month.
Amounts of new loans include new loan contracts and contracts which were renegotiated within the reference month, CBC notes.
Source: Cyprus News Agency