Total new loans down in October

Total new loans recorded a decrease to Euros 262.6 million in October 2019, compared with Euros 404.2 million in the previous month, according to data released Wednesday by the Central Bank of Cyprus.

New loans in October 2019 are also reduced by Euros 29.6 million compared to Euros 292.2 million in October 2018.

The biggest decrease was recorded in new loans to non-financial corporations for amounts over Euros 1 million that registered a decline to Euros 117.8 million, compared with Euros 260.4 million in the previous month.

New loans for consumption decreased to Euros 15.7 million, compared with Euros 16.7 million in the previous month.

New loans for house purchase rose marginally to Euros 77.9 million, compared with Euros 77.8 million in the previous month.

New loans to non-financial corporations for amounts up to Euros 1 million increased to Euros 35.1 million, compared with Euros 34.9 million in the previous month.

Deposit Rates

The interest rate on deposits from households with an agreed maturity of up to one year registered a decrease to 0.12%, compared with 0.16% in the previous month.

The corresponding interest rate on deposits from non-financial corporations rose to 0.31%, compared with 0.13% in the previous month.

Lending Rates

The interest rate on consumer credit increased to 3.03%, compared with 2.80% in the previous month.

The interest rate on loans for house purchase fell to 2.08%, compared with 2.13% in the previous month.

The interest rate on loans to non-financial corporations for amounts up to Euros 1 million recorded a decline to 3.08%, compared with 3.37% in the previous month. The interest rate on loans to non-financial corporations for amounts over Euros 1 million fell to 3.01%, compared with 3.37% in the previous month.

Source: Cyprus News Agency