Deposit rates drop in January as lending rates rise, barring consumer credit

08:13 - 05 March 2024

Economy Reporter

Deposit interest rates dropped in January, whereas lending rates rose except interest rates for consumer lending, according to data published by the Central Bank of Cyprus.

Interest rates provided by banks on deposits from households with an agreed maturity of up to one year declined to 2.6%, compared with 2.29% in the previous month.

The corresponding interest rate on deposits from non-financial corporations registered a decrease to 2.11%, compared with 2.19% in December 2023.

According to the CBC, the interest rate on consumer credit decreased to 5.64%, from 5.88% in the previous month, while lending rates on loans for house rose to 5.26%, compared with 5.16% in the previous month.

The interest rate on loans to non-financial corporations for amounts up to €1 million increased to 5.65%, compared with 5.62% in the previous month and the interest rate on loans to non-financial corporations for amounts over €1 million rose to 6.02%, compared with 5.73% in the previous month.

(Source: CNA)

Deposit rates drop in January as lending rates rise, barring consumer credit

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