CBC: Deposit interest down, loan rates up in January

11:35 - 06 March 2023

Economy

The interest rate on deposits rose in January compared with a month before, as interest on new loans dropped, according to the Central Bank of Cyprus (CBC).

The interest rate on deposits from households with an agreed maturity of up to one year decreased from 0.35% in December 2022 to 0.24% in January. The corresponding interest rate on deposits from non-financial corporations increased to 0.70% in January, compared with 0.61% in the previous month.

According to the February edition of the CBC’s Monetary and Financial Statistics, the interest rate on consumer credit increased to 4.68%, from 4.21% in December, while the interest rate on loans for house purchase decreased to 3.11%, compared with 3.34%.

The interest rate on loans to non-financial corporations for amounts up to €1 million increased from 4.71% to 4.82% in January on a monthly basis, while the interest rate on loans to non-financial corporations for amounts over €1 million registered an increase to 5.37%, from 3.52% in December 2022.

Total new loans decreased from €545.2m in December to €305.7m in January: new loans for consumption decreased to €13.1m from €14.5m; new loans for house purchase dropped to €90.9m from €103.8m; new loans to non-financial corporations for amounts up to €1 million decreased to €51.4m from €72.6m; and new loans to non-financial corporations for amounts over €1 million registered a decrease to €144.1m, from €342.7m.

CBC: Deposit interest down, loan rates up in January

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