According to figures published by the Central Bank of Cyprus on Friday, total new loans rose to €407.6m, compared with €246.4m in the previous month.
Loans to non-financial corporations over €1m recorded the largest increase, to €216.9m, compared with €91.0m in the previous month. Of these €195.6m were pure new loans and €21.3 loans that have been renegotiated.
New loans for house purchase rose to €101.6m, compared with €82.8m in the previous month. Of these, €96.3m were pure new loans and €5.3m renegotiated loans.
Loans to non-financial corporations for amounts up to €1m recorded an increase to €56.1m, compared with €41.8m in the previous month, of which €53.5m were pure new loans.
Fresh loans for consumption decreased to €12.8m, compared with €13.3m in the previous month.
The interest rate on consumer credit in December 2018 registered a decrease to 2.92%, compared with 3.49% in the previous month. Cyprus had the fourth lowest interest rate for consumer loans in the Eurozone after Luxembourg, Spain and Belgium, while Eurozone average was 4.92%.
Interest rates on loans for house purchase fell to 2.13%, compared with 2.29% in the previous month, while Eurozone average was 1.61%.
The rate on loans to non-financial corporations for amounts up to €1m decreased to 3.41%, compared with 3.53% in the previous month, while the Eurozone average was 1.97%.
Rates on loans to non-financial corporations for amounts over €1m rose to 3.4%, compared with 3.12% in the previous month, and is the third highest Eurozone interest rate in this category after Malta and Greece. The Eurozone average was 1.26%.
The interest rate on deposits from households with an agreed maturity of up to one year registered a decline to 0.40%, compared with 0.54% in the previous month, while the Eurozone average was 0.31%.
The corresponding rate on deposits from non-financial corporations recorded a marginal decrease to 0.45%, compared with 0.46% in the previous month and is the third highest in the Eurozone after Greece and Italy. The average Eurozone rate for this category was 0.06%.
Source: Cyprus Mail
