Cyprus Business Now

Total new loans in Cyprus decreased to €473.9 million in April 2023, compared to €922.5 million in the previous month, according to a report released on Tuesday to the Central Bank of Cyprus (CBC).

The report takes into account interest rates of monetary financial institutions in Cyprus, data pertaining to deposits and loans of euro area residents, as well as data on the amounts of new loans to euro area residents in euros for April 2023.

Regarding deposit interest rates, it is reported that the interest rate for household time deposits up to one year recorded a decrease to 0.41 per cent, compared to 0.47 per cent in the previous month.

In addition, the corresponding interest rate for deposits from non-financial corporations experienced a decrease to 0.73 per cent, compared to 1.12 per cent in the previous month.

For loan interest rates, the CBC stated that the interest rate for consumer loans decreased to 4.85 per cent, compared to 5.05 per cent in the previous month.

Moreover, the interest rate for housing loans decreased to 4.45 per cent, compared to 4.67 per cent in the previous month.

Furthermore, the interest rate for loans to non-financial corporations for amounts up to €1 million recorded a decrease to 5.31 per cent, compared to 5.60 per cent in the previous month.

The interest rate for loans to non-financial corporations for amounts above €1 million recorded an increase to 5.41 per cent, compared to 5.29 per cent in the previous month.

What is more, in April 2023, total new loans decreased and reached €473.9 million, compared to €922.5 million in the previous month.

Specifically, new consumer loans decreased to €18.0 million, compared to €30.7 million in the previous month, and new housing loans decreased to €115.4 million compared to €199.5 million in the previous month.

Additionally, new loans to non-financial corporations for amounts up to €1 million experienced a decrease to €60.1 million, compared to €109.0 million in the previous month.

Finally, new loans to non-financial corporations for amounts above €1 million experienced a decrease to €269.3 million, compared to €571.2 million in the previous month.

Industrial producer prices in Cyprus increased by 0.1 per cent in Cyprus in April 2023, compared to March 2023, and fell by 3.2 per cent in the euro area and by 2.9 per cent in the EU respectively, according to estimates released this week by Eurostat.

In March 2023, prices had decreased by 0.3 per cent in Cyprus and by 1.3 per cent in both the euro area and the EU compared to February.

However, compared with April 2022, industrial producer prices increased in April 2023 by 12.9 per cent in Cyprus, by 1.0 per cent in the euro area and by 2.3 per cent in the EU.

Industrial producer prices in the euro area in April 2023, compared with March 2023, decreased by 10.1 per cent in the energy sector and by 0.6 per cent for intermediate goods, while prices increased by 0.2 per cent for durable consumer goods, by 0.3 per cent for non-durable consumer goods, and by 0.4 per cent for capital goods. Prices in total industry excluding energy decreased by 0.1 per cent.

In the EU, industrial producer prices decreased by 8.9 per cent in the energy sector and by 0.6 per cent for intermediate goods, while prices increased by 0.1 per cent for durable consumer goods and by 0.4 per cent for both capital goods and non-durable consumer goods. Prices in total industry excluding energy decreased by 0.2 per cent.

The largest monthly decreases in industrial producer prices were recorded in Belgium (-9.1 per cent), Italy (-6.5 per cent), and Ireland (-6.3 per cent), while increases were observed in Germany (+0.3 per cent), Denmark (+0.2 per cent), as well as Greece, Cyprus, Malta, and Slovenia (all +0.1 per cent).

Industrial producer prices in the euro area in April 2023, compared with April 2022, increased by 10.9 per cent for non-durable consumer goods, by 7.3 per cent for durable consumer goods, by 6.1 per cent for capital goods, and by 1.3 per cent for intermediate goods, while prices decreased by 8.9 per cent in the energy sector. Prices in total industry excluding energy increased by 5.1 per cent.

In the EU, industrial producer prices increased by 11.3 per cent for non-durable consumer goods, by 7.0 per cent for durable consumer goods, by 6.1 per cent for capital goods, and by 1.5 per cent for intermediate goods, while prices decreased by 5.6 per cent in the energy sector. Prices in total industry excluding energy increased by 5.3 per cent.

The highest annual increases in industrial producer prices were recorded in Hungary (+41.7 per cent), Latvia (+22.7 per cent), and Slovakia (+18.2 per cent). The largest decreases were observed in Ireland (-21.4 per cent), Greece (-13.1 per cent), and Belgium (-6.8 per cent).

The Cyprus Stock Exchange (CSE) ended Tuesday, June 6 with losses.

The general Cyprus Stock Market Index was at 119.88 points at 12:52 during the day, reflecting a decrease of 0.02 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 66.45 points, representing a drop of 0.03 per cent.

The total value of transactions came up to €127,076.

In terms of the sub-indexes, the main and investment firm indexes fell by 0.3 per cent and 1.86 per cent respectively. Conversely, the alternative index rose by 0.27 per cent while the hotel index increased by 0.69 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (+1.92 per cent), Leptos Calypso Hotels (+6.78 per cent), Hellenic Bank (-1.67 per cent), Demetra (-1.96 per cent), and KEO (no change).