articles | 06 July 2022

A total of €362.9 million in new loans recorded in May

A total of €362.9 million in new loans were recorded in May, according to data released by the Central Bank of Cyprus on Tuesday. The increase in new loans is mainly due to both an increase in loans for over €1 million and loans for the purchase of homes.

At the same time, the interest rate on mortgages increased to 2.28%, the highest it has been in nearly three and a half years.

In particular, according to the official data, the interest rate on deposits from households with an agreed maturity of up to one year remained unchanged at 0.05%, compared with the previous month.

The corresponding interest rate on deposits from non-financial corporations registered an increase to 0.01%, compared with -0.04% in the previous month.

Regarding lending rates, the interest rate on consumer credit fell to 2.91%, compared with 3.00% in the previous month.

At the same time, the interest rate on loans for home purchases increased to 2.28%, compared with 2.20% in the previous month.

The interest rate on loans to non-financial corporations for amounts up to €1 million increased to 3.31%, compared with 3.16% in the previous month.

The interest rate on loans to non-financial corporations for amounts over €1 million registered an increase to 2.97%, compared with 2.45% in the previous month.

In relation to new loans, the Central Bank data show that total new loans recorded an increase of €362.9 million in May this year, compared with €264.5 million in the previous month.

In particular, new loans for consumption increased to €19.4 million, compared with €13.0 million in the previous month.

New loans for home purchases recorded an increase of €114.7 million, compared with €73.1 million in the previous month.

New loans to non-financial corporations for amounts up to €1 million rose to €55.1 million, compared with €51.0 million in the previous month.

New loans to non-financial corporations for amounts over €1 million registered an increase to €162.5 million, compared with €120.5 million in the previous month.

Source: Knews

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