Rebound of bank deposits in Cyprus
Total deposits in Cypriot banks recorded a significant net increase by €65.4 million euros in February, following a slump of €366 million the previous month, while loans recorded a large net increase of €348.9 million after a net decrease of €122.9 million recorded in January.
According to the Central Bank of Cyprus, which released last Thursday the Monetary Financial Institutions (MFIs) deposits and loans statistics for February – which are included in the March 2024 edition of Monetary and Financial Statistics – total deposits in February recorded a year-on-year rate of growth of 0.3%, compared with 0.8% in January. The outstanding amount of total deposits reached €52 billion in February of this year, the report noted.
The deposits of resident of Cyprus, the central bank reported, exhibited an increase of €101.8 million. Households’ deposits grew by €41.2 million, while deposits of non-financial corporations recorded a decrease of €63 million. The deposits of the remaining domestic sectors exhibited an overall increase of €123.7 million.
The annual growth rate of total loans stood at 1.5%, compared with 0.4% in January. The outstanding amount of total loans reached €25 billion in February.
