Deposit interest rates in Cyprus decrease in May, mixed trends in lending

07:57 - 06 June 2024

Financial Services Reporter

Deposit interest rates decreased in April, while mixed trends were observed in lending rates, according to data released by the Central Bank of Cyprus.

Specifically, the interest rate for deposits with a maturity of up to one year from households decreased to 2.16%, down from 2.24% in the previous month. Similarly, the corresponding interest rate for deposits from non-financial corporations also decreased, dropping to 1.82% compared to 2.24% in the previous month.

Lending rates

Concerning lending rates, consumer loan interest rates increased to 6.43%, up from 6.19% in the previous month.

Interest rates for mortgages decreased to 4.70%, compared to 4.75% in the previous month.

Interest rates for loans to non-financial corporations for amounts up to €1 million saw an uptick to 5.58%, compared to 5.52% in the previous month.

Interest rates for loans to non-financial corporations for amounts over €1 million saw a decline to 5.80%, down from 5.88% in the previous month.

(Source: CNA)

Deposit interest rates in Cyprus decrease in May, mixed trends in lending

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