articles | 04 November 2023

Cyprus sees surge in new loans in September 2023 — total reaches €578 million

New loans in Cyprus reached €578 million in September 2023, indicating a €52.3 million increase compared to the previous month when they stood at €525.7 million, according to a report released this week by the Central Bank of Cyprus (CBC).

The most significant increase, amounting to €17.7 million, was observed in new housing loans. At the same time, data on interest rates revealed remarkable changes, with household time deposit rates witnessing a 71 percentage point increase, and housing loan interest rates growing by 13 percentage points.

According to the Central Bank of Cyprus (CBC), new consumer loans surged to €24.5 million, up from €20.3 million in the previous month. New housing loans experienced a rise to €172.6 million, compared to €154.9 million in the previous month. Loans to non-financial corporations for amounts up to €1 million recorded an increase to €83.5 million, compared to €68.6 million in the prior month. Loans to non-financial corporations for amounts exceeding €1 million also saw an uptick, reaching €278.7 million, up from €270.9 million in the previous month.

Furthermore, the CBC reported that the interest rate for household time deposits with a maturity of up to one year increased to 1.59 per cent, compared to the previous month’s 0.88 per cent. The corresponding interest rate for deposits from non-financial corporations decreased to 1.67 per cent, down from 1.78 per cent in the previous month. Meanwhile, the interest rate for consumer loans decreased to 6.05 per cent, compared to the previous month’s 6.06 per cent. Moreover, the interest rate for housing loans increased to 4.42 per cent, up from 4.29 per cent in the previous month. The interest rate for loans to non-financial corporations for amounts up to €1 million saw an increase to 5.72 per cent, compared to 5.56 per cent in the previous month. 

Finally, the CBC report revealed that the interest rate for loans to non-financial corporations for amounts exceeding €1 million recorded a decrease to 5.59 per cent, down from 6.10 per cent in the previous month.

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