Deposit and lending rates down in November 2024

Both deposit and lending rates decreased in November 2024, according to statistics released by the Central Bank of Cyprus.

This was with the exception of the interest rate on loans to non-financial corporations for amounts over €1 million.

Deposit Rates

The interest rate on deposits from households with an agreed maturity of up to one year recorded a decrease to 1.70%, compared with 1.76% in the previous month. The corresponding interest rate on deposits from non-financial corporations registered a decrease to 1.99%, compared with 2.19% in the previous month.

Lending Rates

The interest rate on consumer credit decreased to 6.99%, compared with 8% in the previous month. The interest rate on loans for house purchase decreased to 4.50%, compared with 4.62% in the previous month.

The interest rate on loans to non-financial corporations for amounts up to €1 million decreased to 5.01%, compared with 5.45% in the previous month, while the interest rate on loans to non-financial corporations for amounts over €1 million registered an increase to 4.97%, compared with 4.72% in the previous month. 

Amounts of new loans

Total new loans recorded an increase to €635.7 million in November 2024, compared with €533.8 million in the previous month.

New loans for consumption increased to €25.3 million, of which €22.3 million pure new loans, compared with €21.3 million in the previous month, of which €20.2 million pure new loans.

New loans for house purchase recorded an increase to €129.5 million, of which €98.5 million pure new loans, compared with €115.7 million in the previous month, of which €96.1 million pure new loans.

New loans to non-financial corporations for amounts up to €1 million increased to €73.5 million, of which €57.8 million pure new loans, compared with €57.3 million in the previous month, of which €41.8 million pure new loans and new loans to non-financial corporations for amounts over €1 million registered an increase to €398.2 million, of which €154.5 million pure new loans, compared with €333.9 million in the previous month, of which €201.8 million pure new loans.

(Source: CNA)