05.10.2022
According to a report released on Tuesday by the Central Bank of Cyprus (CBC), net new lending in Cyprus fell in August 2022, falling to EUR 182.3 million , the second consecutive month of decline. However, for the period from January to August 2022, total new loans amounted to 2.11 billion euros, compared to 1.8 billion euros for the corresponding period last year, an increase of 15.3% year on year.
New lending in August 2022 decreased by 5.5% compared to the corresponding month last year.
The majority of new loans were mortgage loans of €77.2 million , with the second largest category of loans being corporate loans of over €1 million worth €66.6 million. In addition, corporate loans not exceeding €1 million totaled €27.4 million.
New consumer loans amounted to 10.9 million euros, while the category of other loans amounted to 5.7 million euros.
Between January and August 2022, mortgages accounted for the majority of new loans of €842.7 million , followed by corporate loans of over €1 million of €778.9 million.
Corporate loans not exceeding €1 million amounted to €338.8 million and consumer loans to €102.2 million. New lending in other categories of loans amounted to EUR 52.4 million .
Finally, loan restructuring in August amounted to 79.1 million euros, compared to 82.2 million euros in the previous month.
According to a report released on Tuesday by the Central Bank, lending rates in Cyprus rose for the second month in a row in August as banks factored in an ECB interest rate hike as well as increased credit risk due to economic uncertainty and inflation. Cyprus (CBC).
According to the report, the interest rate on consumer loans rose to 3.36% from 3.27% in the previous month, and the interest rate on home loans was set at 2.56%, compared to 2.55%. . in the previous month.
The interest rate on loans to non-financial companies up to EUR 1 million rose to 3.85% from 3.51% in the previous month. The interest rate on loans to non-financial companies for amounts exceeding EUR 1 million increased to 3.11% compared to 3.04% in the previous month. It should be noted that these interest rates apply to new loans and not to existing loans.
Meanwhile, the interest rate on deposits also increased, with the interest rate on deposits for up to one year from households rising to 0.06% from 0.05% in the previous month. In addition, the corresponding interest rate on deposits from non-financial companies increased to 0.13% from 0.07% in the previous month.
The ECB has entered into a monetary policy normalization cycle since last July, raising key interest rates for the first time in 11 years.
As of September 14, 2022, the rate for accepting deposits was set at 0.75%, the rate for basic refinancing operations was set at 1.5%, and the marginal credit line was set at 1.5%.
The Cyprus Stock Exchange (CSE) ended Tuesday, October 4th with a profit.
The overall Cypriot stock market index stood at 74.31 points at 13:40 during the day, reflecting an increase of 0.36% from the previous trading day.
The FTSE/CySE 20 Index stood at 44.60, up 0.38%.
The total transaction value was 15,816 euros.
As for the sub-indices, the main and alternative indexes rose by 0.25% and 0.63% respectively, while the hospitality and investment companies indices remained stable.
Bank of Cyprus (no change), Salamis Tours (no change), Demetra (no change), Cyprus Cement Public Compay (+0.89%) and Constantinou Bros Hotels (no change) attracted the most investment interest.
