Net new loans in Cyprus showed a modest recovery in July 2023, reaching €300.5 million compared to €240 million in the previous month.

For the period from January to July, net new loans amounted to €2.03 billion, compared to €1.93 billion for the same period in 2022.

This increase comes as borrowing costs have been on the rise due to successive interest rate hikes by the European Central Bank.

Corporate net new loans exceeding €1 million stood at €133.5 million, up from €61.2 million the previous month and €86.2 million in July 2022.

Housing loans, the second-largest loan category, remained at roughly the same levels, reaching €84.6 million from €84.4 million the previous month and €77.5 million in the same month of 2022.

Corporate loans up to €1 million followed, amounting to €47 million, up from €42.6 million the previous month and €36.8 million in the same period last year.

According to data from the Central Bank of Cyprus, consumer loans reached €24.1 million in July, up from €21.5 million the previous month, and a significant increase from the €13.4 million recorded in the same period last year.

Finally, net new loans in the category of “other loans” for July 2023 decreased to €11.4 million, compared to €30.1 million in the previous month and just €6.2 million in July 2022.