Cyprus recorded an increase in short-term household deposit rates in September, alongside declines in consumer and housing loan rates, according to the Central Bank of Cyprus (CBC).
Deposits
The rate for household term deposits up to one year rose to 1.98 per cent from 1.79 per cent in the previous month.
However, the equivalent deposit rate for non-financial corporations fell to 2.14 per cent, down from 2.33 per cent in August.
Loans
Consumer loan rates saw a decrease to 6.50 per cent from 6.59 per cent, while housing loan rates dropped to 4.53 per cent from 4.65 per cent the prior month.
For loans to non-financial corporations, the rate for loans under €1 million rose to 5.58 per cent, compared to 5.36 per cent in August.
Meanwhile, the rate for corporate loans over €1 million declined to 5.26 per cent from 5.42 per cent.
New lending
The CBC also reported a strong rise in new loans in September, with total new lending reaching €667.9 million, up from €395.5 million in August.
Among the main categories of new loans, consumer loans rose to €30.2 million (with €22.4 million in net new loans) from €20.6 million in the previous month (of which €19.0 million were net new loans).
Housing loans also increased, reaching €121.6 million (including €96.5 million in net new loans) compared to €95.6 million in August (with €72.3 million in net new loans).
For non-financial corporations, loans under €1 million rose to €63.8 million (with €41.2 million in net new loans) from €52.8 million in August (of which €34.1 million were net new loans).
Finally, large corporate loans exceeding €1 million surged to €400.0 million (including €108.2 million in net new loans), up from €179.3 million the previous month (where net new loans totalled €78.3 million).
