The Central Bank of Cyprus has reported a decrease in lending rates alongside an increase in total loan volumes for September 2024, according to data released today.
The statistics cover average interest rates from monetary financial institutions in Cyprus for deposits and loans to eurozone residents in euros, along with new lending volumes.
In the deposits sector, household term deposits of up to one year saw rates increase to 1.98%, up from 1.79% in August. However, non-financial corporations experienced a rate decrease to 2.14% from 2.33%.
Lending rates showed a mixed picture, with consumer loans dropping to 6.50% from 6.59% and housing loans declining to 4.53% from 4.65%. For non-financial corporations, rates on loans up to €1 million increased to 5.58% from 5.36%, while rates for loans exceeding €1 million decreased to 5.26% from 5.42%.
Total new lending saw significant growth in September, reaching €667.9 million compared to €395.5 million in August. The breakdown shows:
- Consumer loans rose to €30.2 million (including €22.4 million in net new loans) from €20.6 million
- Housing loans increased to €121.6 million (including €96.5 million in net new loans) from €95.6 million
- Corporate loans up to €1 million grew to €63.8 million (including €41.2 million in net new loans) from €52.8 million
- Corporate loans over €1 million more than doubled to €400.0 million (including €108.2 million in net new loans) from €179.3 million
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