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New loans fell to € 208m in January

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New loans fell to € 208m in January

The total new loans decreased to € 208.0 million in January 2021, compared to € 357.4 million last month, according to the Central Bank of Cyprus.

At the same time, according to CBC data, the interest rate on consumer loans reached the highest level in the last two years, while the interest rate on loans to non-financing companies for amounts up to € 1 million reached the highest level in the last 12 months.

On the other hand, the interest rate on time deposits of up to one year by households remained at an all-time low.

Specifically, in relation to the main categories of new loans, the CBC reports that new consumer loans decreased to € 11.6 million, compared to € 20.3 million last month, while new loans for housing purchase decreased at € 76.1 million, compared to € 111.0 million last month.

Also, new loans to non-financial corporations for amounts up to € 1 million decreased to € 49.4 million, compared to € 54.6 million last month, while new loans to non-financial corporations for amounts higher of € 1 million fell to € 61.7 million, compared to € 158.2 million in the previous month.

In addition, according to the CBC, the main interest rate developments concerning new deposit and loan agreements, including those that have been renegotiated, can be summarized as follows:

Deposit rates

The interest rate on time deposits of up to one year by households remained unchanged at 0.08%, compared to the previous month, a percentage that is the lowest historical level.

The corresponding interest rate on deposits from non-financial corporations rose to 0.10%, compared to 0.09% in the previous month.

Loan interest rates

Also, the interest rate on consumer loans rose to its highest level since March 2019, at 3.25%, compared to 2.99% in the previous month.

The interest rate on home loans fell to 2.12%, compared to 2.16% in the previous month.

The interest rate on loans to non-financial corporations for amounts up to € 1 million increased to 3.30%, the highest level since February 2020, compared to 3.13% in the previous month.

The interest rate on loans to non-financial corporations for amounts over € 1 million fell to 3.11%, compared to 3.26% in the previous month.

Philenews / ΚΥΠΕ

Source: www.philenews.com

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