The interest rates for household deposits and housing loans slightly decreased in January, while interest rates for non-financial corporations increased, according to data published by the Central Bank of Cyprus on Friday. These statistics are included in the February 2023 edition of Monetary and Financial Statistics.
The interest rate on deposits from households with an agreed maturity of up to one year recorded a decrease to 0.24%, compared with 0.35% in the previous month, while the corresponding interest rate on deposits from non-financial corporations registered an increase to 0.70%, compared with 0.61% in the previous month.
The interest rate on loans for house purchase decreased to 3.11%, compared with 3.34% in the previous month, while the interest rate on consumer credit increased to 4.68%, compared with 4.21% in December.
At the same time, the interest rate on loans to non-financial corporations for amounts up to €1 million increased to 4.82%, compared with 4.71% in the previous month and the interest rate on loans to non-financial corporations for amounts over €1 million registered an increase to 5.37%, compared with 3.52% in the previous month.
Amounts of new loans
Total new loans recorded a decrease to €305.7 million in January 2023, compared with €545.2 million in the previous month. New loans for consumption decreased to €13.1 million, compared with €14.5 million in the previous month and new loans for house purchase recorded a decrease to €90.9 million, compared with €103.8 million in the previous month.
New loans to non-financial corporations for amounts up to €1 million decreased to €51.4 million, compared with €72.6 million in the previous month and new loans to non-financial corporations for amounts over €1 million registered the biggest decrease of 58% to €144.1 million, compared with €342.7 million in the previous month.
Source: Cyprus News Agency