Household deposit and lending rates up in September

09:00 - 03 November 2023

Economy

Household deposit and lending rates in Cyprus increased in September, according to the Central Bank of Cyprus.

Interest rates on deposits from households with maturities of up to one year have notably risen, reaching 1.59% in September. This marks a substantial increase from the previous month's rate of 0.88%.

However, interest rate on deposits from non-financial corporations registered a decrease to 1.67%, compared to 1.78% in the previous month.

Lending rates for consumer credit have remained relatively stable, with a minimal decrease to 6.05% compared to the previous month's rate of 6.06%.

On the other hand, the interest rate on loans for house purchases has increased to 4.42%, up from 4.29% in the previous month.

Loans to non-financial corporations for amounts up to €1 million have seen a moderate increase in interest rates, reaching 5.72% compared to the previous month's rate of 5.56%.

The only substantial decrease in lending rates was observed in the category of loans to non-financial corporations for amounts over €1 million. This category registered a decrease, with the interest rate declining to 5.59% from 6.10% in the previous month.

Household deposit and lending rates up in September

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