Banks in Cyprus increased the interest rate on loans for house purchase in August, while dropping the interest rate on deposits from households. In the same month, amounts of new loans dropped by a third, compared to July.
The Central Bank of Cyprus published on Wednesday the statistics on the average interest rates applied by banks in Cyprus, as well as data regarding amounts of new loans for August 2024. According to the data, the interest rate on deposits from households with an agreed maturity of up to one year recorded a decrease to 1.79%, compared with 1.96% in the previous month.
The corresponding interest rate on deposits from non-financial corporations registered an increase to 2.33%, compared with 2.28% in the previous month.
Lending Rates
------------
The interest rate on consumer credit decreased to 6.59%, compared with 6.67% in the previous month. On the other hand, the interest rate on mortgages increased to 4.65%, compared with 4.59% in the previous month.
The interest rate on loans to non-financial corporations for amounts up to €1 million decreased to 5.36%, compared with 5.61% in the previous month. The interest rate on loans to non-financial corporations for amounts over €1 million registered a decrease to 5.42%, compared with 5.64% in the previous month.
Amounts of new loans
---------------
Total new loans recorded a decrease to €395.5 million in August 2024, compared with €596.3 million in the previous month.
New loans for consumption decreased to €20.6 million, of which €19 mil. pure new loans, compared with €28 million in the previous month, of which €26.1 mil. pure new loans.
New mortgages recorded a decrease to €95.6 million, of which €72.3 mil. pure new loans, compared with €134.3 million in the previous month, of which €100.7 mil. pure new loans.
New loans to non-financial corporations for amounts up to €1 million decreased to €52.8 million, of which €34.1 mil. pure new loans, compared with €75.5 million in the previous month, of which €49.5 mil. pure new loans.
New loans to non-financial corporations for amounts over €1 million registered a decrease to €179.3 million, of which €78.3 mil. pure new loans, compared with €345.2 million in the previous month, of which €211.8 mil. pure new loans.
CNA/MCH/EPH/2024
ENDS, CYPRUS NEWS AGENCY
