CBC: Total new loans decreased in April

Total new loans decreased to €473.9m in April from €922.5m the previous month, the Central Bank of Cyprus said.

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 said 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 €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 €1 million registered an increase to 5.41%, compared with 5.29% in the previous month.

Total new loans recorded a decrease to €473.9m in April 2023, compared with €922.5m in the previous month. In particular, new loans for consumption decreased to €18m, compared with €30.7m in the previous month and new loans for house purchase recorded a decrease to €115.4m, compared with €199.5m in the previous month.

The CBC notes that new loans to non-financial corporations for amounts up to €1 million decreased to €60.1m, compared with €109m in the previous month and new loans to non-financial corporations for amounts over €1 million registered a decrease to €269.3m, compared with €571.2m in the previous month.