The Central Bank of Cyprus released statistics on interest rates on loans and deposits of euro area residents in euro applied by monetary financial institutions in Cyprus, for June 2023.
Deposit Rates
The data show that the interest rate on deposits from households with an agreed maturity of up to one year recorded an increase to 1,21%, compared with 0,79% in the previous month.
Moreover, the corresponding interest rate on deposits from non-financial corporations registered an increase of 1,86%, compared with 1,19% in the previous month.
Lending Rates
The interest rate on consumer credit increased to 5,23%, compared with 4,97% in the previous month, while the interest rate on loans for house purchases decreased to 4,19%, compared with 4,21%.
The interest rate on loans to non-financial corporations for amounts up to €1 million decreased to 5,17%, compared with 5,37% in the previous month. The interest rate on loans to non-financial corporations for amounts over €1 million registered a decrease to 5,87%, compared with 6,35% in the previous month.
Amounts of new loans
Total new loans recorded a decrease to €563,1 million in June 2023, compared with €1.073,0 million in the previous month. The main categories of new loans are analysed below:
- New loans for consumption decreased to €24,3 million, compared with €29,2 million in the previous month.
- New loans for house purchases recorded a decrease to €149,1 million, compared with €170,9 million in the previous month.
- New loans to non-financial corporations for amounts up to €1 million decreased to €60,2 million, compared with €89,5 million in the previous month.
- New loans to non-financial corporations for amounts over €1 million registered a decrease to €293,8 million, compared with €753,4 million in the previous month.
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Cypriots borrow at higher rates, get less for deposits than EU counterparts