Mortgages rate up, household deposits rate down in August
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 n
on-financial corporations for amounts up to pound 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 pound 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 pound 395.5 million in August 2024, compared with pound 596.3 million in the previous month.
New loans for consumption decreased to pound 20.6 million, of which pound 19 mil. pure new loans, compared with pound 28 million in the previous month, of which pound 26.1 mil. pure new loans.
New mortgages recorded a decrease to pound 95.6 million, of which pound 72.3 mil. pure new loans, compared with pound 134.3 million in the previous month, of which pound 100.7 mil. pure new loans.
New loans to non-financial corporations for amounts up to pound 1 million decreased to pound 52.8 million, of which pound 34.1 mil. pure new loans, compared with pound 75.
5 million in the previous month, of which pound 49.5 mil. pure new loans.
New loans to non-financial corporations for amounts over pound 1 million registered a decrease to pound 179.3 million, of which pound 78.3 mil. pure new loans, compared with pound 345.2 million in the previous month, of which pound 211.8 mil. pure new loans.
Source: Cyprus News Agency