Cyprus credit expansion up at 35.2% in July

Credit expansion in Cyprus accelerated by 35.2% in July according to figures released by the Central Bank of Cyprus despite the increase in borrowing costs following a rate hike by the ECB.
Total loans given by Cyprus banks jumped to EUR 48.93 bln in July from EUR 46.7 bln in June and EUR 36.2 bln a year ago in July 2007. The total is now close to the record reached in April.
Corporate loans advanced by 44.8% to EUR 23.7 bln, but the increase in housing loans declined to 33% from 34% with the total at EUR 9.4 bln. Personal loans were up 36% to EUR 4 bln.