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)

Top Stories

Five new corona virus cases detected out of 2,581 tests

According to the Epidemiological Surveillance Unit of the Ministry of Health 5 new cases of the SARS-CoV-II virus were detected out of a total...

Ministry of Interior on obtaining a Special Entry Permit to the Republic of Cyprus

The Ministry of Interior announced that the requirement for obtaining a Special Entry Permit to the Republic of Cyprus applies only to persons coming...

Measures taken at Cyprus’ airports to reduce passenger congestion

A number of measures were decided on Monday in order to avoid passenger congestion observed at the airports, Yiannis Karousos, Minister of Transport, Communications...

New yellow alert for extremely high temperatures for Tuesday

Yet another yellow alert for extremely high temperatures for Tuesday issued – in effect from 1pm to 5pm. Temperatures are expected to rise to 40°C,...

Mother who killed 12-year-old son in 2019 acquitted by way of insanity

The 40-year-old woman who stabbed her 12-year-old son to death in August 2019 was found innocent by way of insanity and was acquitted by...

Taste

Octopus ‘Kathisto’ (or Octopus braised in Wine)

Ingredients: 1/2 cup Greek extra virgin olive oil 2 medium onions, chopped fine 1 large octopus, about 2kg (cleaned and kept whole) 3/4 cup dry red wine 1/3 cup...

Homemade lemonade

Ingredients: 1 cup lemon juice 1 cup sugar Method: Thoroughly wash the lemons with soap and warm water. Roll each lemon with the palm of your hand, pressing...

‘Striftaria’ mini cheese pies

Ingredients 1 ½ cup milk 2 tbsps. flour 4 tsps. of butter 3 eggs, slightly beaten + 1 extra with 1 tbs. of milk for spreading 1 pack of...

Mini potato canapes baked on salt

Ingredients Serves: 12 1kg small Cypriot potatoes rock salt, as needed 250g salted butter 300ml full fat cremé frâiche 1 pot cod or salmon roe Method Prep:20min › Cook:35min › Ready in:55min Take...