Household deposit rates up, consumer loan and mortgage rates down in September

Household deposits rates of a maturity of up to one year were up in September while consumer loans rates and mortgage rates were down, data released by the Central Bank of Cyprus show.

The Central Bank of Cyprus published the statistics of the average interest rates applied by monetary financial institutions of Cyprus for euro area residents' euro-denominated deposits and loans, as well as data on amounts of new loans to euro area residents in euro for the reference month of September 2024.

Regarding deposit rates, the interest rate on deposits from households with an agreed maturity of up to one year recorded an increase to 1.98%, compared with 1.79% in the previous month, while the corresponding interest rate on deposits from non-financial corporations registered a decrease to 2.14%, compared with 2.33% in the previous month.

With regard to lending rates, the interest rate on consumer credit decreased to 6.50%, compared with 6.59% in the previous month, the interest rate on loans for house purchase decreased to 4.53%, compared with 4.65% in the previous month, the interest rate on loans to non-financial corporations for amounts up to €1 million increased to 5.58%, compared with 5.36% in the previous month, while the interest rate on loans to non-financial corporations for amounts over €1 million registered a decrease to 5.26%, compared with 5.42% in the previous month.

New loans up in September

According to the CBC, in September 2024, total new loans recorded an increase to €667.9 million in September 2024, compared with €395.5 million in the previous month.

As stated, the main categories of new loans were new consumer loans, which increased to €30.2 million (of which €22.4 million pure new loans), compared to €20.6 million in the previous month (of which €19.0 million pure new loans).

They also included new house purchase loans, which increased to €121.6 million (of which €96.5 million pure new loans), compared with €95.6 million in the previous month (of which €72.3 million pure new loans), new loans to non-financial corporations for amounts up to €1 million, which increased to €63.8 million (of which €41.2 million pure new loans), compared to €52.8 million in the previous month (of which €34.1 million pure new loans), as well as new loans to non-financial companies for amounts over €1 million, which recorded an increase to €400.0 million (of which €108.2 million pure new loans), compared to €179.3 million in the previous month (of which €78.3 million pure new loans).

(Source: CNA)