New lending in Cyprus close to €3 billion in first 11 months of 2023

07:55 - 08 January 2024

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Economy Reporter

Pure new credit provided by the Cypriot banks in November amounted to almost €258 million with total new lending provided for the period of January – November 2023 approaching €3 billion marking a slight annual increase despite repeated interest rate hikes.

According to data released by the Central Bank of Cyprus (CBC), pure new loans, that is excluding renegotiations, in November amounted to €257.8 million, marking a marginal decrease of 0.2% year on year.

Corporate new loans over €1 million amounted to €99.7 million, marking an annual increase of 12.4%.

Loans for house purchase rose by an annual 5.9% in November 2023 reaching €87.8 million, compared to €82.9 million in November of the previous year.

According to the CBC, new corporate lending declined by 2.97% year on year in November amounting to €42.4 million compared with €43.9 million the year before.

Consumer credit rose by 72% in November reaching €21.3 million compared with €12.4 million in November last year, whereas other pure new credit rose by 22% year on year reaching €6.6 million from €5.4 million in November 2022.

(Source: CNA)

New lending in Cyprus close to €3 billion in first 11 months of 2023

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