On Tuesday 3rd September the Central Bank of Cyprus published an update on the changes in interest rates on loans and deposits in Cyprus in July 2024.
Interest rates on loans
The interest rate on consumer loans rose to 6.67 per cent, from 6.18 per cent in the previous month. The rate for housing loans also increased to 4.59 percent from 4.52 percent in the previous month.
The rate for loans to non-financial corporations of up to €1 million rose to 5.57% from 5.45% in June. Finally, the interest rate on loans to non-financial corporations over 1 million rose to 5.64% from 5.33% in the previous month.
Interest rates on deposits
The interest rate on time deposits up to one year for households decreased to 1.96% in July 2024 from 2.17% in the previous month. The corresponding rate for deposits of non-financial corporations fell to 2.28 percent from 2.35 percent in June 2024.
It should be recalled that earlier the central bank published data on loans disbursed in July 2024. Their total volume reached the mark of 595.3 million euros.
At the same time, new consumer loans increased to 28 million euros (of which 26.1 million euros were net new loans), mortgage loans - to 134.3 million euros. Loans to non-financial corporations for amounts up to 1 million euro decreased to 74.5 million euro, while loans to non-financial corporations for amounts over 1 million euro increased to 345.2 million euro.