Mixed trends in interest rates

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Rates on deposits and loans followed mixed trends in November in the Cypriot banking system, data released by the Cyprus Central Bank show.

The interest rate on deposits from households with an agreed maturity of up to one year recorded an increase to 0.16%, compared with 0.12% in the previous month.

The corresponding interest rate on deposits from non-financial corporations registered a marginal decline to 0.30% compared with 0.31% in the previous month.

At the same time, the interest rate on consumer credit last November fell to 3.00%, compared with 3.03% in the previous month.

The interest rate on loans for house purchase increased to 2.10% compared with 2.08% in the previous month.

The interest rate on loans to non-financial corporations for amounts up to €1 mln rose to 3.52%, compared with 3.08% in October.

The interest rate on loans to non-financial corporations for amounts over €1 mln fell to 2.91%, compared with 3.01% in the previous month.

Total new loans recorded a decrease to €203.8 mln in November, compared with €262.6 mln in October.

New consumer loans increased to €16.2 mln compared with €15.7 mln in the previous month.

New mortgages rose to €89.5 mln compared with €77.9 mln in the previous month.

New loans to non-financial corporations for amounts up to €1 mln recorded an increase to €36.8 mln in November compared with €35.1 mln in October.

New loans to non-financial corporations for amounts over €1 mln registered a decline to €46.8 mln, compared with €117.8 mln in the previous month.