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Statistics on Interest Rates applied by Monetary Financial Institutions

Thursday, 4 July 2024

The Central Bank of Cyprus has today released the statistics on interest rates1 applied by monetary financial institutions in Cyprus on deposits and loans of euro area residents in euro, as well as data regarding volumes (amounts) of new euro denominated loans to euro area residents for the reference month of May 2024. These statistics are included in the June 2024 edition of Monetary and Financial Statistics

The main developments in interest rates on new deposit and loan contracts, including contracts which were renegotiated, are summarized as follows:

Deposit Rates

  • The interest rate on deposits from households with an agreed maturity of up to one year recorded a decrease to 2,02%, compared with 2,16% in the previous month.
  • The corresponding interest rate on deposits from non-financial corporations registered an increase to 2,29%, compared with 1,82% in the previous month.

Lending Rates

  • The interest rate on consumer credit increased to 6,49%, compared with 6,43% in the previous month.
  • The interest rate on loans for house purchase decreased to 4,53%, compared with 4,70% in the previous month.
  • The interest rate on loans to non-financial corporations for amounts up to €1 million decreased to 5,27%, compared with 5,58% in the previous month. The interest rate on loans to non-financial corporations for amounts over €1 million registered an increase to 6,32%, compared with 5,80% in the previous month. 

Amounts of new loans2

Total new loans recorded an increase to €427,6 million in May 2024, compared with €422,6 million in the previous month. The main categories of new loans are analysed below:

  • New loans for consumption decreased to €21,2 million (of which €19,8 mil. pure new loans), compared with €22,4 million in the previous month (of which €21,0 mil. pure new loans).
  • New loans for house purchase recorded a decrease to €119,7 million (of which €92,2 mil. pure new loans), compared with €123,8 million in the previous month (of which €90,1 mil. pure new loans).
  • New loans to non-financial corporations for amounts up to €1 million decreased to €55,5 million (of which €43,3 mil. pure new loans), compared with €67,5 million in the previous month (of which €52,4 mil. pure new loans).
  • New loans to non-financial corporations for amounts over €1 million registered an increase to €224,0 million (of which €115,7 mil. pure new loans), compared with €203,5 million in the previous month (of which €140,8 mil. pure new loans).

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1) In accordance with the provisions of Regulation 2013/34, as amended, of the European Central Bank, interest rates are calculated as weighted average interest rates, (which are sensitive to outliers).

2) Amounts of new loans include new loan contracts and contracts which were renegotiated within the reference month.