Loans are becoming more common in Cyprus

A significant increase in the number of new loans is observed in Cyprus. In the first month of the new year, the growth amounted to 47 percent.

According to a report published by the Central Bank of Cyprus (CBC), in January 2024, the total amount of new loans reached 220 million euros. For the same period last year, the reported amount was 149 million euros.

The report also notes that the increase compared to January 2023 is mainly due to corporate loans amounting to more than one million euros, totaling 83.3 million euros. The growth in this category compared to 2023 was 379 percent.

Traditionally, corporate loans exceeding 1 million euros make up the largest segment of new loans.

New corporate loans totaling up to 1 million euros in January 2024 amounted to 41 million euros, which is 5 percent more than the 38 million euros in the same month of the previous year. At the same time, there is a decrease of 6% in the annual expression of new housing loans, the second-largest category of loans, which decreased to almost 72 million euros compared to 76 million euros last year.

Consumer loans grew by 65% annually, reaching almost 20 million euros compared to 12 million euros in January of the previous year.

In the category of other loans, there was a decrease of 17 percent, with net new borrowings decreasing to 4.4 million euros in January 2024 compared to 5.3 million euros in the same month last year.