Cyprus's loan rates are still rising.

In December 2022, Cyprus' lending rates increased once more, and deposit rates increased as well with the ECB's normalization of key interest rates, according to a report released on Thursday by the Central Bank of Cyprus (CBC).

The interest rate for household deposits with terms up to a year increased by 23 basis points, reaching 0.35 percent, from 0.12 percent the previous month, the report claims.

The interest rate of household deposits has increased significantly for the first time in a while.

The corresponding interest rate for deposits from non-financial companies, which was 0.61 percent in December as opposed to 0.41 percent the previous month, also saw an increase of 20 basis points.

With the exception of corporate loans over €1 million, interest rates on loans that are applicable to new loans have continued to rise.

The central bank reports that the interest rate on consumer loans increased from 3.84 percent in November to 4.21 percent in December.

Additionally, compared to the previous month, when it was 2.95 percent, the interest rate on home loans increased to 3.34 percent.

In addition, the interest rate for loans to non-financial companies for up to €1 million rose from 4.52 percent to 4.71 percent last month.

On the other hand, compared to the previous month, the interest rate on loans to non-financial companies for sums greater than €1 million decreased to 3.52 percent from 4.35 percent.

By fLEXI tEAM