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Total new loans down by €72.6 million in October, Central Bank says

central bank cyprus
The Central Bank of Cyprus

Total new loans granted by Cyprus’ banks decreased by € 72.6 million in October 2021, compared to the previous month, mainly due to the significant reduction of new loans to non-financial corporations for amounts over € 1 million, according to data announced Thursday by the Central Bank of Cyprus (CBC).

The only category of new loans that showed an increase concerns loans to non-financial corporations for amounts up to € 1 million.

More specifically, total new loans recorded a decrease to €314.3 million in October 2021, compared with €386.9 million in the previous month.

New loans for consumption decreased to €12.7 million, compared with €15.6 million in the previous month. New loans for house purchases fell to €105.2 million, compared with €106.2 million in the previous month. New loans to non-financial corporations for amounts up to €1 million recorded an increase to €48.8 million, compared with €43.2 million in the previous month.

New loans to non-financial corporations for amounts over €1 million registered a decline to €125.4 million, compared with €209,4 million in the previous month.

Deposit Rates

At the same time, the CBC announced that the interest rate on deposits from households with an agreed maturity of up to one year remained unchanged at 0.06 per cent, compared with the previous month.

The corresponding interest rate on deposits from non-financial corporations recorded a decrease to 0.04 per cent, compared with 0.11 per cent in the previous month.

Lending Rates

The interest rate on consumer credit registered a rise to 3.08 per cent, compared with 2.95 per cent in the previous month.

The interest rate on loans for house purchases decreased to 2.17 per cent, compared with 2.20 per cent in the previous month.

The interest rate on loans to non-financial corporations for amounts up to €1 million recorded a decline to 3.26 per cent, compared with 3.27 per cent in the previous month. The interest rate on loans to non-financial corporations for amounts over €1 million fell to 2.83 per cent, compared with 3.05 per cent in the previous month.

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