On Wednesday 2nd October the Central Bank of Cyprus published an update on the changes in interest rates on loans and deposits in Cyprus in August 2024.
Interest rates on loans
The interest rate on consumer loans decreased to 6.59% from 6.67% in the previous month. The interest rate on housing loans, however, increased to 4.65% from 4.59% in July 2024.
The rate for loans to non-financial corporations of up to 1 million euro fell to 5.36% from 5.61% in the previous month. Finally, the rate for loans to non-financial corporations over 1 million fell to 5.42% from 5.64% in the previous month.
Interest rates on deposits
The interest rate on time deposits of households with an agreed maturity of up to one year fell to 1.79% in August from 1.96% in the previous month. The corresponding rate on deposits of non-financial corporations increased to 2.33 per cent from 2.28 per cent in July 2024.
Recall that earlier the central bank published data on loans issued in August 2024. Their total volume reached the mark of 395.5 million euros.
At the same time, new consumer loans fell to 20.6 million euros (of which 19 million euros were net new loans), mortgage loans - to 95.6 million euros, loans to non-financial companies for amounts up to 1 million euros - to 52.8 million euros, and loans to non-financial companies for amounts over 1 million euros - to 179.3 million euros.