Cyprus Business Now

The Central Bank of Cyprus (CBC) this week released a report showing that pure new credit granted by Cypriot banks in June rose to €343.6 million, representing an increase of 32 per cent month-on-month.

Pure new credit granted between January and June 2022 amounted to €1.72 billion, representing an increase of 26 per cent year-on-year.

The monthly rise of pure new credit in June has been primarily attributed to loans of over €1 million, which came to a total of €187.5 million.

The same figure stood at €93.5 million during the previous month.

Pure new loans of up to €1 million increased to €44.6 million in June, compared with €44.1 million in May.

Deposit interest rates in Cyprus remained at close to zero levels in June, while lending rates varied slightly, according to a report released this week by the Central Bank of Cyprus (CBC).

In June, the interest rate on household deposits with an agreed maturity of up to one year remained unchanged at 0.05 per cent, unchanged from March 2022.

Moreover, the rates for deposits from non-financial corporations registered an increase to 0.03 per cent, a rise of 0.02 per cent from the previous month.

Regarding loans, the interest rate on consumer credit fell to 2.89 per cent, compared with 2.91 per cent in March 2022.

The interest rate on loans for residential purchases rose to 2.32 per cent, compared with 2.28 per cent in the month before.

In addition, the interest rate on loans to non-financial corporations for amounts up to €1 million increased to 3.36 per cent, compared with 3.31 per cent in the previous month.

The interest rate on loans to non-financial corporations for amounts over €1 million fell to 2.89 per cent, compared with 2.97 per cent in March 2022.

The Cyprus Stock Exchange (CSE) ended Wednesday, August 3 with minor profits.

The general Cyprus Stock Market Index was at 68.46 points at 13:02 during the day, reflecting a rise of 0.07 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 41.03 points, which represents an increase of 0.07 per cent.

The total value of transactions came up to €13,557.

In terms of the sub-indexes, the main, alternative and investment firm indexes rose by 0.05 per cent, 0.02 per cent and 0.07 per cent respectively, while the hotel index remained stable.

The biggest investment interest was attracted by Salamis Tours (no change), the Bank of Cyprus (+0.48 per cent), and Logicom (-0.57 per cent).