Cyprus Business Now

The Central Bank of Cyprus (CBC) on Wednesday published a report detailing interest rate statistics concerning Cypriot banks, including for deposits and loans of eurozone residents in euros, as well as data on amounts of new loans to eurozone residents in euros for November 2022.

Deposit rates

The interest rate on deposits with a term of up to one year for households decreased to 0.12 per cent, compared to 0.19 per cent in the previous month.

The corresponding interest rate for deposits for non-financial companies experienced a decrease to 0.41 per cent, compared to 0.47 per cent in the previous month.

Loan interest rates

The interest rate on consumer loans increased to 3.84 per cent, compared to 3.57 per cent in the previous month.

The interest rate on residential loans rose to 2.95 per cent, compared to 2.93 per cent during the previous month.

The interest rate for loans to non-financial companies for amounts of up to €1 million experienced an increase to 4.52 per cent, compared to 4.17 per cent during the previous month.

The interest rate for loans to non-financial companies for amounts exceeding €1 million registered an increase to 4.35 per cent, compared to 3.43 per cent the previous month.

New loans

In November 2022, total new loans registered an increase, reaching €413.1 million, compared to €240.3 million during the previous month.

New consumer loans fell to €14.1 million, compared to €15.1 million in the previous month.

New loans for home purchases marked an increase to €91.8 million, compared to €72.7 million in the previous month.

New loans to non-financial companies for amounts up to €1 million increased to €48.9 million, compared to €42.7 million in the previous month.

Finally, new loans to non-financial companies for amounts exceeding €1 million registered an increase to €247.5 million, compared to €102.6 million in the previous month.

The number of registered unemployed people in Cyprus reached 16,132 persons at the end of December 2022, according to the data provided by the District Labour Offices and subsequently provided to the state’s press information office.

Taking into account seasonal variations, according to the corrected data, which reflect the trend of unemployment, the number of registered unemployed in December 2022 increased to 14,131 people, compared to 14,081 people during the previous month.

Compared to December 2021, there was an increase of 1,332 persons, a rise of 9.0 per cent.

This has been primarily attributed to the sectors of accommodation and catering services, with an increase of 608 people, financial and insurance activities, a rise of 567 people, transport and storage, with an of increase 145 people, information and communication, a rise of increase 74 people, as well as activities related to human health and social care, with an increase of 65 people.

The Cyprus Stock Exchange (CSE) ended Wednesday, January 04 with losses.

The general Cyprus Stock Market Index was at 90.15 points at 12:56 during the day, reflecting a drop of 0.17 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 54.38 points, representing a decrease of 0.17 per cent.

The total value of transactions came up to €13,393.

In terms of the sub-indexes, the main and investment firm index fell by 0.25 per cent and 1.53 per cent respectively.

The alternative index rose by 0.01 per cent while the hotel index remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (-0.29 per cent), Logicom (+1.04 per cent), the Cyprus Cement Company (no change), Salamis Tours (+1.09 per cent), and Demetra Holdings (-1.67 per cent).