Total new loans recorded a decrease to pound 473.9 million in April 2023, compared with pound 922.5 million in the previous month, the Central Bank of Cyprus said in a press release on Tuesday.
The CBC released the statistics on interest rates applied by monetary financial institutions in Cyprus on deposits and loans of euro area residents in euro, as well as data regarding volumes (amounts) of new euro denominated loans to euro area residents for the reference month of April 2023. These statistics are included in the May 2023 edition of Monetary and Financial Statistics.
As regards deposit rates, it says that the interest rate on deposits from households with an agreed maturity of up to one year recorded a decrease to 0.41%, compared with 0.47% in the previous month. In addition, the corresponding interest rate on deposits from non-financial corporations registered a decrease to 0.73%, compared with 1.12% in the previous month.
Regarding lending rates, the interest rate on consumer credit decreased to 4.85%, compared with 5.05% in the previous month, while the interest rate on loans for house purchase decreased to 4.45%, compared with 4.67% in the previous month.
The interest rate on loans to non-financial corporations for amounts up to pound 1 million decreased to 5.31%, compared with 5.60% in the previous month and the interest rate on loans to non-financial corporations for amounts over pound 1 million registered an increase to 5.41%, compared with 5.29% in the previous month.
Total new loans recorded a decrease to pound 473.9 million in April 2023, compared with pound 922.5 million in the previous month. In particular, new loans for consumption decreased to pound 18 million, compared with pound 30.7 million in the previous month and new loans for house purchase recorded a decrease to pound 115.4 million, compared with pound 199.5 million in the previous month.
The CBC notes that new loans to non-financial corporations for amounts up to pound 1 million decreased to pound 60.1 million, compared with pound 109 million in the previous month and new loans to non-financial corporations for amounts over pound 1 million registered a decrease to pound 269.3 million, compared with pound 571.2 million in the previous month.
Source: Cyprus News Agency