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Deposit rates and interest rates on consumer credit fall in June, home loan rates rise

July 31, 2019 at 4:38pm
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Deposit rates and interest rates on consumer credit dropped in June according to figures published by the Central Bank of Cyprus on Wednesday, while interest rates on housing loans increased.

Meanwhile Cyprus banks issued €6 million less loans in the sixth month of the year compared with the previous month.

The interest rate on household deposits with an agreed maturity of up to one year dropped slightly to 0.32% compared with 0.34% in the previous month.

The corresponding interest rate on non-financial corporations’ deposits recorded a decrease to 0.28%, from 0.38% in May.

The interest rate on consumer credit in June 2019 registered a decrease to 2.99% compared with 3.01% in the previous month.

The interest rate on loans for house purchase rose to 2.11% from 2.08% in May.

The interest rate on loans to non-financial corporations for amounts up to €1 million decreased to 3.23%, compared with 3.30% in the previous month, while the interest rate on loans to non-financial corporations for amounts over €1 million rose to 3.12% from 3.01% in fifth month of the year.

New loans fall
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Total new loans fell in June to €339.1 million compared with €345.1 million in the previous month.

New loans for consumption decreased to €14.2 million compared with €17.5 million in the previous month.

New loans for house purchase decreased to €71.3 million from €98.3 million in May.

New loans to non-financial corporations for amounts up to €1 million fell to €39.4 million compared with €42.9 million in the previous month, while loans to non-financial corporations over €1 million recorded the largest increase to €190.2 million from €160.4 million in May.

(Cyprus News Agency)