Insider Economy Total loans in Cyprus hit record low in July 2020

Total loans in Cyprus hit record low in July 2020

The outstanding amount of total loans fell to a new low of €31.9 billion in July 2020, according to data released by the Central Bank of Cyprus (CBC) on Thursday.

As CBC notes, the suspension of instalments, according to the Decree for the suspension of loan instalments by the Minister of Finance, had an upward impact on the changes in loans.

It adds that suspension of instalments were related to loans to households and non-financial corporations amounting to €10.5 billion.

Total loans in July 2020 exhibited a net increase of €66.9 million, compared with a net increase of €264.7 million in June 2020.

The annual growth rate stood at -3.7%, compared with -4.0% in June 2020.

The outstanding amount of total loans reached €31.9 billion.

Total business loans showed a net reduction of € 47.7 million, reaching € 11.17 billion, which is a new record low, while total household loans recorded a net increase of € 46,8 million reaching €12.39 billion.

Total deposits in July 2020 recorded a net increase of €105.6 million, compared with a net increase of €106.4 million in June 2020.

The annual growth rate stood at -0.9%, compared with -0.7% in June 2020.

The outstanding amount of deposits reached €47.6 billion in July 2020.

(CNA)

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