Total loans in Cyprus hit record low

Total outstanding loans fell to a new low of €31.9 bln with businesses and households struggling in the wake of the pandemic, according to data released by the Central Bank of Cyprus (CBC) on Thursday.

Suspension of loan repayments due to COVID-19 had an upward impact on the changing landscape for banks.

The Central Bank said that suspension of instalments was related to loans for households and non-financial corporations amounting to €10.5 bln.

Total loans in July 2020 showed a net increase of €66.9 mln, compared with a net increase of €264.7 mln in June.

The annual growth rate stood at -3.7%, compared with -4.0% in June.

The outstanding amount of total loans reached €31.9 bln.

Total business loans showed a net reduction of €47.7 mln reaching €11.17 bln which is a new record low while total household loans recorded a net increase of €46.8 mln to €12.39 bln.

Total deposits in July 2020 recorded a rise of €105.6 mln from an increase of €106.4 mln in June.

July’s annual growth rate stood at -0.9%, compared with -0.7% in June.

The outstanding amount of deposits was €47.6 bln in July 2020. (source CNA)