New loans decline in April, as housing loans interest rate climbs to a two-year high

Total new loans in April declined compared with the previous month, mainly due the reduction in demand for new corporate loans, as new consumer credit increased.

According to data released by the Central Bank of Cyprus (CBC) the interest rate for new loans for house purchase reached the highest level of the last two years, while interest rate for corporate loans up to €1 million rose to a 13-month high.

Interest rate for deposits with a fixed term up to one year declined to a new historic low, the CBC said.

Source: Cyprus News Agency