Lending and deposit rates rise in February, as new credit declines for a second consecutive month

Rates for the majority of the reported loans and deposits rose in February, according to data published today 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.

The rates for loans for house purchase increased to 2.22% compared to 2.18% in January, whereas rates from corporate loans above Euros 1 million increased to 3.32% in February compared to 2.95% the previous month, the CBC said.

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

In February deposit rates rose with rates for deposits with a maturity up to one year reaching 0.38% from 0.36% in the previous month, whereas corresponding interest rate on deposits from non-financial corporations rose to 0,36%, compared with 0,34% in the previous month.

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

According to the CBC Total new loans, comprising both new and renegotiated loans recorded a decrease to Euros 244.9 million in February 2019, compared with Euros 300.3 million in the previous month.

New consumer credit decreased to Euros 10.9 million in February, compared with Euros 11.1 million in the previous month.

New loans for house purchase increased to increase to Euros 74.4 million, compared with Euros 73.6 million in the previous month.

According to the CBC, new loans to non-financial corporations for amounts up to Euros 1 million rose to Euros 41.8 million, compared with Euros 33.8 million in the previous month, while new credit to non-financial corporations for amounts over Euros 1 million fell to Euros 104.9 million in February, compared with Euros 163.7 million in the previous month.

Source: Cyprus News Agency

Lending and deposit rates rise in February, as new credit declines for a second consecutive month

Rates for the majority of the reported loans and deposits rose in February, according to data published today 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.

The rates for loans for house purchase increased to 2.22% compared to 2.18% in January, whereas rates from corporate loans above Euros 1 million increased to 3.32% in February compared to 2.95% the previous month, the CBC said.

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

In February deposit rates rose with rates for deposits with a maturity up to one year reaching 0.38% from 0.36% in the previous month, whereas corresponding interest rate on deposits from non-financial corporations rose to 0,36%, compared with 0,34% in the previous month.

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

According to the CBC Total new loans, comprising both new and renegotiated loans recorded a decrease to Euros 244.9 million in February 2019, compared with Euros 300.3 million in the previous month.

New consumer credit decreased to Euros 10.9 million in February, compared with Euros 11.1 million in the previous month.

New loans for house purchase increased to increase to Euros 74.4 million, compared with Euros 73.6 million in the previous month.

According to the CBC, new loans to non-financial corporations for amounts up to Euros 1 million rose to Euros 41.8 million, compared with Euros 33.8 million in the previous month, while new credit to non-financial corporations for amounts over Euros 1 million fell to Euros 104.9 million in February, compared with Euros 163.7 million in the previous month.

Source: Cyprus News Agency