Insider Economy Total new loans down in October

Total new loans down in October

Total new loans fell to €262.6 million in October 2019 compared with €404.2 million in the previous month, according to data released by the Central Bank of Cyprus on Wednesday.

New loans in October 2019 are also down by € 29.6 million compared to € 292.2 million in October 2018.

The biggest decrease was recorded in new loans to non-financial corporations for amounts over €1 million that registered a decline to €117.8 million, compared with €260.4 million in the previous month.  New loans for consumption decreased to €15.7 million, compared with €16.7 million in the previous month. New loans for house purchase rose marginally to €77.9 million, compared with €77.8 million in the previous month.   New loans to non-financial corporations for amounts up to €1 million increased to €35.1 million, compared with €34.9 million in the previous month.

Deposit Rates

The interest rate on deposits from households with an agreed maturity of up to one year registered a decrease to 0.12%, compared with 0.16% in the previous month. The corresponding interest rate on deposits from non-financial corporations rose to 0.31%, compared with 0.13% in the previous month.

Lending Rates

The interest rate on consumer credit increased to 3.03%, compared with 2.80% in the previous month. The interest rate on loans for house purchase fell to 2.08%, compared with 2.13% in the previous month. The interest rate on loans to non-financial corporations for amounts up to €1 million recorded a decline to 3.08%, compared with 3.37% in the previous month. The interest rate on loans to non-financial corporations for amounts over €1 million fell to 3.01%, compared with 3.37% in the previous month.

(Cyprus News Agency)

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