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CBC: Deposit rates slightly up in August

08:38 - 05 October 2023

Economy

Deposit rates in Cyprus recorded a slight increase in August compared to July, according to the Central Bank of Cyprus (CBC).

Lending rates increased only in consumer loans, with all other categories seeing a slight decline.

The interest rate for time deposits up to one year by households rose to 0.88%, from 0.87% in July.

The corresponding interest rate for deposits from non-financial corporations increased to 1.78%, compared with 1.68% the previous month.

The interest rate on consumer loans increased to 6.06% (5.51% in July), while that of home purchase loans decreased to 4.20%, compared to 4.50% the previous month.

The interest rate on loans to non-financial companies for amounts up to €1m decreased to 5.56%, compared to 5.65% in July. The interest rate on loans to non-financial companies for amounts above €1m dropped to 6.10%, from 6.33% the previous month.

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