Cyprus Business Now

There was an increase in lending rates and a decrease in new loans in July 2022, according to a report released this week by the Central Bank of Cyprus.

According to Central Bank data, the interest rate on home loans rose to 2.55 per cent, compared to 2.32 per cent in June 2022.

The interest rate on consumer loans also increased to 3.27 per cent, compared to 2.89 per cent in the previous month.

Accordingly, the interest rate on loans to non-financial companies for amounts of up to €1 million rose to 3.51 per cent, compared to 3.36 per cent in June.

The interest rate on loans to non-financial companies for amounts over €1 million also registered an increase to 3.04 per cent, compared to 2.89 per cent in the previous month.

The interest rate on deposits with a term of up to one year from households remained unchanged at 0.05 per cent, compared to the previous month, while the corresponding rate on deposits from non-financial companies showed an increase to 0.07 per cent, compared to 0.03 per cent in the previous month.

New total loans in July 2022 experienced a decline and reached €302.3 million, compared to €436.8 million in June.

New loans for home purchases fell to €83.2 million, compared to €103.8 million in the previous month.

New consumer loans also fell to €14.6 million, compared to €17.2 million in June.

New loans to non-financial companies for amounts of up to €1 million decreased to €41.3 million, compared to €50.3 million in the previous month.

Finally, new loans to non-financial companies for amounts above €1 million fell to €153.2 million, compared to €256.5 million in June.

The National Betting Authority generated €203.7 million during the second quarter of 2022, according to a report released this week.

The authority’s performance during this quarter represents a whopping 129 per cent increase over the same quarter in 2020 when it generated €88.9 million, as well as a 7 per cent increase over the corresponding quarter in 2021 when it generated €190.5 million.

National Betting Authority president Ioanna Fiakkou stressed the fact that the results of the second quarter of 2022 “confirm in the best possible way the development prospects of the sector”.
“The non-negotiable objective of the authority remains the sustainable development of the sector through the strengthening of supervision measures, as well as the implementation of new technologies and modern tools, while implementing policies and initiatives to protect players, vulnerable groups and society at large from any harmful consequences stemming from gambling,” she added.

The Cyprus Stock Exchange (CSE) ended Friday, September 2 with losses.

The general Cyprus Stock Market Index was at 73.17 points at 13:31 during the day, reflecting a drop of 0.14 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 43.87 points, which represents a decrease of 0.16 per cent.

The total value of transactions came up to €74,788.

In terms of the sub-indexes, the main index rose by 0.06 per cent, while the alternative index fell by 0.61 per cent. The investment firm and hotel indexes remained stable.

The biggest investment interest was attracted by Logicom (no change), Demetra Holdings (no change), Hellenic Bank (-0.22 per cent), the Cyprus Cement Company (-2.34 per cent), and Vassiliko Cement Works (-1.53 per cent).