New loans in general increased by €52.3 million in September, reaching €578 million
New loans granted in September 2023 amounted to €578.0 million, showing an increase of €52.3 million, compared to the previous month, which had reached €525.7 million, with the most significant increase, by €17.7 million, to record new loans for house purchase.
At the same time, according to data on interest rates, an impressive increase of 71 percentage points marked the interest rate for deposits with a term of up to one year from households , while an increase of 13 percentage points marked the interest rate for loans for the purchase of a home.
Specifically, according to the Central Bank of Cyprus (CBC), new consumer loans increased to €24.5 million, compared to €20.3 million the previous month.
The new loans for housing market showed an increase to €172.6 million, compared to €154.9 million in the previous month.
New loans to non-financial companies for amounts up to €1 million increased to € 83.5 million, compared to €68.6 million in the previous month.
New loans to non-financial companies for amounts above €1 million registered an increase to €278.7 million, compared to €270.9 million in the previous month.
Deposit rates
Also, according to the CBC, the interest rate for deposits with a term of up to one year from households increased to 1.59%, compared to 0.88% the previous month.
The corresponding rate for deposits from non-financial companies showed a decrease to 1.67%, compared to 1.78% in the previous month.
Loan rates
The interest rate on consumer loans decreased to 6.05%, compared to 6.06% the previous month.
The interest rate on home loans increased to 4.42 %, compared to 4.29% the previous month.
The interest rate for loans to non-financial companies for amounts up to €1 million showed an increase to 5.72%, compared to 5.56 % in the previous month.
According to the CBC, the interest rate for loans to non-financial companies for amounts over €1 million recorded a decrease to 5.59%, compared to 6.10% in previous month.
