CYPRUS: Lending and deposit rates rise as new credit declines

Interest rates for the majority of loans and deposits rose in February, according to data published by the Central Bank of Cyprus (CBC).

Rates for consumer credit rose to 3.37% in February from 2.83% the previous month, marking an increase of 54 basis points.

Mortgage rates for house purchases increased to 2.22% compared to 2.18% in January, whereas rates from corporate loans above Euros 1 mln spiked 3.32% from 2.95% the previous month.

Rates charged by the commercial banks on corporate loans up to Euros 1 mln declined to 3.37% in February from 3.58%.

The interest rate on deposits from households with an agreed maturity of up to one year increased to 0.38%, compared with 0.36% in the previous month, whereas corresponding interest rates on deposits from non-financial corporations rose to 0.36% from 0.34%.

Furthermore, the provision of total new credit decelerated for a second consecutive month.

Total new loans, comprising both new and renegotiated loans recorded a decrease to Euros 2.44 bln in February, compared to Euros 3 bln in the previous month.

New consumer credit declined to Euros 10.9 mln from Euros 11.1 mln in January and new loans for house purchase marginally increased to Euros 74.4 mln from Euros 73.6 mln

New loans to non-financial corporations for amounts up to Euros 1 mln rose to Euros 41.8 mln, compared with Euros 33.8 mln in the previous month, while new credit to non-financial corporations fell to Euros 104.9 mln from Euros 163.7 mln.

Source: The Financial Mirror

CYPRUS: Lending and deposit rates rise as new credit declines

Interest rates for the majority of loans and deposits rose in February, according to data published by the Central Bank of Cyprus (CBC).

Rates for consumer credit rose to 3.37% in February from 2.83% the previous month, marking an increase of 54 basis points.

Mortgage rates for house purchases increased to 2.22% compared to 2.18% in January, whereas rates from corporate loans above Euros 1 mln spiked 3.32% from 2.95% the previous month.

Rates charged by the commercial banks on corporate loans up to Euros 1 mln declined to 3.37% in February from 3.58%.

The interest rate on deposits from households with an agreed maturity of up to one year increased to 0.38%, compared with 0.36% in the previous month, whereas corresponding interest rates on deposits from non-financial corporations rose to 0.36% from 0.34%.

Furthermore, the provision of total new credit decelerated for a second consecutive month.

Total new loans, comprising both new and renegotiated loans recorded a decrease to Euros 2.44 bln in February, compared to Euros 3 bln in the previous month.

New consumer credit declined to Euros 10.9 mln from Euros 11.1 mln in January and new loans for house purchase marginally increased to Euros 74.4 mln from Euros 73.6 mln

New loans to non-financial corporations for amounts up to Euros 1 mln rose to Euros 41.8 mln, compared with Euros 33.8 mln in the previous month, while new credit to non-financial corporations fell to Euros 104.9 mln from Euros 163.7 mln.

Source: The Financial Mirror