A spike in renegotiated corporate loans over €1 million pushed new loan contracts in March 2021 registering a 91% increase compared with February, data published by the Central Bank of Cyprus show.
Furthermore, pure new loans in the Cyprus banking system registered an increase of 23.8% in March compared with February amounting to €255 million.
According to the CBC, housing loans rose to €85.6 million in March, accounting for one third of pure new credit of the month. Housing loans are buoyed by a government scheme subsidizing new mortgage loans as part of measures to reduce the impact of the covid pandemic.
New credit to companies over €1 million amounted to €81.7 in March, while new corporate credit to companies up to €1 million reached €57, the CBC added.
Pure consumer credit in March amounted to €14.2 million while other
Source: Cyprus News Agency