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April 05,2021

Total new loans in Cyprus recorded an increase to €319.4 million in February 2021, compared to €208.0 million in the previous month, according to figures by the Central Bank of Cyprus.

The Central Bank of Cyprus released on Wednesday the statistics on interest rates applied by monetary financial institutions in Cyprus on deposits and loans of euro area residents in euro, as well as data regarding volumes (amounts) of new euro denominated loans to euro area residents for the reference month of February 2021. These statistics are included in the March 2021 edition of Monetary and Financial Statistics.

The main developments in interest rates on new deposit and loan contracts, including contracts which were renegotiated, are summarized as follows: The interest rate on deposits from households with an agreed maturity of up to one year remained unchanged at 0.08%, compared with the previous month, while the corresponding interest rate on deposits from non-financial corporations registered a rise to 0.13%, compared with 0.10% in the previous month.

Regarding Lending Rates, the interest rate on consumer credit decreased to 3.11%, compared to 3.25% in the previous month.
The interest rate on loans for house purchase recorded an increase to 2.15%, compared to 2.12% in the previous month.

In addition, the interest rate on loans to non-financial corporations for amounts up to €1 million fell to 3.19%, compared to 3.30% in the previous month. The interest rate on loans to non-financial corporations for amounts over €1 million registered a decline to 2.48%, compared to 3.11% in the previous month.

Furthermore, as regards amounts of new loans, total new loans recorded an increase to €319.4 million in February 2021, compared to €208.0 million in the previous month.

New loans for consumption increased to €12.0 million, compared to €11.6 million in the previous month and new loans for house purchase rose to €88.5 million, compared to €76.1 million in the previous month.

In addition, new loans to non-financial corporations for amounts up to €1 million registered an increase to €66.5 million, compared to €49.4 million in the previous month and new loans to non-financial corporations for amounts over €1 million recorded an increase to €120.4 million, compared to €61.7 million in the previous month.

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