CYPRUS: Amount of total new bank loans granted in July dropped 26.5%

Total amount of new loans given by Cypriot banks declined 26.5% or by €90 mln in July compared to June, according to Central Bank of Cyprus (CBC) data.

In July, the amount of new loans decreased by over of a quarter to €249 mln from €339 mln in the previous month.

New loans for consumption increased to €17.3 mln, compared with €14.2 mln in June, some €0.5 mln were loans that have been renegotiated.

New loans for house purchases rose to €87.8 mln from €71.3 mln of which €3.7 mln were loans that were restructured.

New loans to non-financial corporations for amounts up to €1 mln increased to €41.6 mln, compared with €39.4 mln in the previous month, €4.9 mln were renegotiated loans.

New loans to non-financial corporations for amounts over €1 mln decline to €72.8 mln from €190.2 mln in June, of which €5.6 mln were renegotiated.

Deposit and lending rates rise

Deposit and lending rates to non-financial corporations increase in July compared with June, while all other interest rates decrease.

The interest rate on deposits from households with an agreed maturity of up to one year fell to 0.20%, compared with 0.32% in the previous month.

The corresponding interest rate on deposits from non-financial corporations rose to 0.32% from 0.28% in June.

The interest rate on consumer credit decreased to 2.77%, compared with 2.99% in the previous month.

The interest rate on loans for house purchases declined to 2.08% from 2.11% in the previous month.

Loan rates to non-financial corporations for amounts up to €1 mln increased to 3.35% from 3.23% while loans over €1 mln rose to 3.26% from 3.12%.