Cyprus records €575.5 million in new loans

Cyprus recorded a significant increase in total new loans in February, reaching €575.5 million, up from €462.7 million in the previous month. This surge was primarily driven by a notable rise in loans granted to companies, totalling approximately €130 million, according to data released by the Central Bank of Cyprus (CBC).

This increase came alongside a rise in loan interest rates for businesses, while interest rates for home loans decreased.

New consumer loans decreased to €23.2 million (of which €21.3 million were net new loans), down from €26.7 million in the previous month (of which €19.7 million were net new loans).

New housing loans saw a decrease to €144.1 million (of which €79.2 million were net new loans), compared to €146.3 million in the previous month (of which €71.7 million were net new loans).

Furthermore, according to the CBC, new loans to non-financial corporations for amounts up to €1 million decreased to €57.3 million (of which €37.6 million were net new loans), down from €72.9 million in the previous month (of which €40.6 million were net new loans).

New loans to non-financial corporations for amounts exceeding €1 million increased to €340.7 million (of which €124.4 million were net new loans), up from €210.5 million in the previous month (of which €83.3 million were net new loans).

Regarding the developments in interest rates, the interest rate for household time deposits up to one year saw a marginal decrease to 1.98%, compared to 2.06% in the previous month.

The corresponding interest rate for deposits from non-financial corporations increased to 2.53%, up from 2.11% in the previous month.

Moreover, the interest rate for consumer loans increased to 6.17%, compared to 5.64% in the previous month, while the interest rate for housing loans decreased to 5.15%, down from 5.26% in the previous month.

Additionally, the interest rate for loans to non-financial corporations for amounts up to €1 million, increased to 5.91%, compared to 5.65% in the previous month. The interest rate for loans to non-financial corporations for amounts exceeding €1 million recorded an increase to 6.07%, compared to 6.02% in the previous month.