01.09.2022
According to data released on Thursday by the Central Bank of Cyprus, in July there was an increase in lending rates and a decrease in new loans. The statistics are included in the August 2022 edition of Monetary and Financial Statistics.
The interest rate on home loans increased to 2.55% from 2.32% in June. Accordingly, the interest rate on consumer loans rose to 3.27% from 2.89% in the previous month, and the rate on loans to non-financial corporations up to €1 million increased to 3.51% compared to 3.36% in the previous month. June. The interest rate on loans to non-financial corporations over EUR 1 million increased to 3.04% from 2.89% in the previous month.
On deposits, the interest rate on deposits from households with an agreed maturity of up to one year remained unchanged at 0.05% month-on-month, while the corresponding interest rate on deposits from non-financial corporations increased to 0.07%, compared to 0.03% in June.
Total new loans fell to €302.3 million in July 2022 from €436.8 million in the previous month, according to the CBC.
The number of new home loans fell to 83.2 million euros from 103.8 million euros, and the number of new consumer loans decreased to 14.6 million euros compared to 17.2 million euros in the previous month. New loans to non-financial corporations of up to €1 million fell to €41.3 million from €50.3 million in June, and new loans to non-financial corporations of over €1 million fell to €153.2 million compared to 256.5 million euros in the previous month.
