CBC: New loans up a monthly €112.8m in February

Cyprus recorded a significant increase in total new loans in February, which rose to €575.5m from €462.7m the previous month, according to the Central Bank of Cyprus (CBC).

The surge was primarily driven by a notable rise in loans granted to companies, totalling approximately €130m , said the CBC.

This increase came alongside a rise in loan interest rates for businesses, while interest rates for home loans decreased.

New consumer loans decreased to €23.2m (of which €21.3m were net new loans), down from €26.7m in the previous month (of which €19.7m were net new loans).

New housing loans saw a decrease to €144.1m (of which €79.2m were net new loans), compared to €146.3m in the previous month (of which €71.7m were net new loans).

Furthermore, according to the CBC, new loans to non-financial corporations for amounts up to €1m decreased to €57.3m (of which €37.6m were net new loans), down from €72.9m in the previous month (of which €40.6m were net new loans).

New loans to non-financial corporations for amounts exceeding €1m increased to €340.7m (of which €124.4m were net new loans), up from €210.5m in the previous month (of which €83.3m were net new loans).

Interest rates for deposits and loans

Regarding the developments in interest rates, the interest rate for household time deposits up to one year saw a marginal decrease to 1.98%, compared to 2.06% in the previous month.

The corresponding interest rate for deposits from non-financial corporations increased to 2.53%, up from 2.11% in the previous month.

Moreover, the interest rate for consumer loans increased to 6.17%, compared to 5.64% in the previous month, while the interest rate for housing loans decreased to 5.15%, down from 5.26% in the previous month.

Additionally, the interest rate for loans to non-financial corporations for amounts up to €1 million, increased to 5.91%, compared to 5.65% in the previous month. The interest rate for loans to non-financial corporations for amounts exceeding €1 million recorded an increase to 6.07%, compared to 6.02% in the previous mont