Insider Economy Business loans drop, mortgages and consumer loans increase in July

Business loans drop, mortgages and consumer loans increase in July

New business loans in Cyprus recorded a drop in July this year compared to June while consumer loans and housing loans increased.

At the same time, data released by the Central Bank of Cyprus on Wednesday, show that mortgage and consumer loan interest rates decreased.

According to official data, in July 2020 total new loans recorded a drop at €241.2 million compared to €323.7 million in the previous month of this year.

In particular, consumer loans were up reaching €16.1 million, compared to €14.0 million in June, while new housing loans also recorded an increase reaching €97.8 million, compared to €93.4 million in June.

On the contrary, new loans to non-financial corporations for amounts of up to €1 million fell to €33.5 million, compared to €37.5 million in the previous month.

At the same time, new loans to non-financial corporations for amounts over €1 million, fell to €74.6 million, compared to €161.3 million in the previous month.

According to the Central Bank of Cyprus the interest rate on one-year term deposit for households recorded a drop and stood at 0.09% compared to 0.12% in June.

At the same time, the same rate for non-financial corporations remained unchanged in July at 0.03% compared to the previous month.

Additionally, the rate for consumer loans fell to 2.90% in July compared to 2.96% in June.

The mortgage rate in July fell to 2.05% compared to 2.10% in the previous month.

However, the interest rate on loans to non-financial corporations for amounts of up to €1 million was up to 3.20% compared to 3.16% in the previous month.

At the same time, the interest rate to non-financial corporations for over €1 million reached 3.05% compared to 2.99% in June.

(CNA)

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