On Friday, April 5, the Central Bank published an update on the changes in interest rates on loans and deposits in Cyprus in February 2024.
Interest rates on loans
The interest rate on consumer loans rose to 6.17% compared to 5.64% in the previous month. In turn, the interest rate on home loans decreased to 5.15% compared to 5.26% last month.
The interest rate on loans to non-financial corporations up to €1 million rose to 5.91% compared to 5.65% in January 2024. Finally, the interest rate on loans to non-financial corporations over €1 million increased to 6.07% compared to 6.02% in the previous month.
Interest rates on deposits
The interest rate on time deposits of up to one year for households decreased to 1.98% in February 2024 from 2.06% in the previous month. The corresponding interest rate on deposits of non-financial corporations increased to 2.53% compared to 2.11% in January 2024.
The Central Bank of Cyprus noted that the growth of interest rates in Cyprus is directly related to the size of the key rate, which has been repeatedly increased in an attempt to curb inflation, which has reached record-high levels.