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Cyprus

Total new loans drop in August

Total new loans dropped to €211m in August 2018, from €284.1m in the previous month, statistics released by the central bank showed on Thursday.

The central bank reported that new loans for consumption fell to €12.7m, compared with €17.4m in the previous month, whereas new loans for house purchase were down to €71.7m, from €73.9m.

New loans to non-financial corporations for amounts up to €1m decreased to €35.5m, from €41.3m in July, while new loans to non-financial corporations for amounts over €1m recorded a decline to €73.5m, compared with €134.1m the previous month.

The interest rate on deposits from households with an agreed maturity of up to one year marginally decreased to 0.84 per cent, from 0.85 per cent in the previous month.

The corresponding interest rate on deposits from non-financial corporations rose to 0.62 per cent, from 0.55 per cent in July.

The interest rate on consumer credit increased to 3.84 per cent, compared with 3.76 per cent in the previous month, while the interest rate on loans for house purchase fell to 2.40 per cent, from 2.47 per cent in the seventh month of the year.

The interest rate on loans to non-financial corporations for amounts up to €1m dropped to 3.44 per cent, compared with 3.61 per cent in the previous month. The interest rate on loans to non-financial corporations for amounts over €1m was down to 2.73 per cent, compared with 3.52 per cent the previous month.

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