Household deposit rates up, consumer credit down in December

The interest rate on deposits from households with an agreed maturity of up to one year increased to 2.29% in December 2023, as the interest rate on consumer credit decreased to 5.88%.

According to data published by the Central Bank of Cyprus in the January 2024 edition of Monetary and Financial Statistics, the interest rate on household deposits had increased from 2.01% the previous month. On the other hand, the interest on deposits from non-financial corporations registered a decrease, to 2.19% from 2.29% in November.

In the same month, the interest rate on consumer credit decreased to 5.88%, compared with 6.26% the previous month. Meanwhile, the interest rate on loans for house purchase increased to 5.16%, from 5.04% in November.

The interest rate on loans to non-financial corporations for amounts up to €1m decreased to 5.62% (6% in November). The interest rate on loans to non-financial corporations for amounts over €1m registered an increase to 5.73%, compared with 5.59% in the previous month.

Total new loans recorded a decrease to €725.4m in December 2023, compared with €743.7m the previous month.

New loans for consumption decreased to €17.6m (of which €14.8m pure new loans), compared with €23.8m the previous month (of which €21.3m pure new loans). New loans for house purchase recorded a decrease to €161.4m (of which €90.8m pure new loans), compared with €237.7m in the previous month (of which €87.8m pure new loans).

New loans to non-financial corporations for amounts up to €1m decreased to €85m (of which €57.6m pure new loans), compared with €91.5m the previous month (of which €42.4m pure new loans).

New loans to non-financial corporations for amounts over €1m increased to €435.6m (of which €150.2m pure new loans) in December, from €381.9m in November (of which €99.7m pure new loans).