In March 2024, there was an increase in the interest rates for consumer loans and a decrease in the rates for home purchases, according to the latest statistical data from the financial institutions of Cyprus released by the Central Bank. At the same time, the deposit interest rate for households saw an increase.

According to the Central Bank of Cyprus, the interest rate for household deposits with a term of up to one year increased to 2.24% from 1.98% the previous month. Conversely, the interest rate for deposits from non-financial corporations decreased to 2.24% from 2.53%.

The interest rate for consumer loans rose slightly to 6.19% from 6.17% in the previous month. In contrast, the interest rate for housing loans decreased to 4.75% from 5.15%. The loan rate for non-financial corporations for amounts up to €1 million decreased to 5.52% from 5.91%, and for loans above €1 million, the rate decreased to 5.88% from 6.07%.

In March 2024, the total new loan volume decreased to €496.4 million from €575.5 million in the previous month, as reported by the CBC.

Specifically, new consumer loans fell to €22.2 million, of which €20.5 million were purely new loans, compared to €23.2 million the previous month, of which €21.3 million were purely new loans.

New housing loans dropped to €119.6 million, of which €86.9 million were purely new loans, compared to €144.1 million in the previous month, of which €79.2 million were purely new loans.

New loans to non-financial corporations for amounts up to €1 million saw an increase to €69.3 million, with €52.2 million being purely new loans, compared to €57.3 million the previous month, of which €37.6 million were purely new loans.

Lastly, new loans to non-financial corporations for amounts over €1 million recorded a decrease to €270.8 million, of which €123.8 million were purely new loans, compared to €340.7 million the previous month, of which €124.4 million were purely new loans.