Insider Economy Lending and deposit rates rise in February; credit declines for second consecutive...

Lending and deposit rates rise in February; credit declines for second consecutive month

Rates for the majority of the reported loans and deposits rose in February, according to data published today by the Central Bank of Cyprus (CBC).

Rates for consumer credit rose to 3.37% in February from 2.83% the previous month, marking an increase of 54 basis points.

The rates for loans for house purchase increased to 2.22% compared to 2.18% in January, whereas rates from corporate loans above €1 million increased to 3.32% in February compared to 2.95% the previous month, the CBC said.
Rates charged by the commercial banks on corporate loans up to €1 million declined to 3.37% in February from 3.58% in the previous month.

In February deposit rates rose with rates for deposits with a maturity up to one year reaching 0.38% from 0.36% in the previous month, whereas corresponding interest rate on deposits from non-financial corporations rose to 0,36%, compared with 0,34% in the previous month.

Furthermore, the provision of total new credit decelerated for a second consecutive month.

According to the CBC Total new loans, comprising both new and renegotiated loans recorded a decrease to €244.9 million in February 2019, compared with €300.3 million in the previous month.

New consumer credit decreased to €10.9 million in February, compared with €11.1 million in the previous month.

New loans for house purchase increased to increase to €74.4 million, compared with €73.6 million in the previous month.

According to the CBC, new loans to non-financial corporations for amounts up to €1 million rose to €41.8 million, compared with €33.8 million in the previous month, while new credit to non-financial corporations for amounts over €1 million fell to €104.9 million in February, compared with €163.7 million in the previous month.

(Cyprus News Agency)

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