A drop in deposits was more than offset by the ongoing deleveraging, the Central Bank of Cyprus said.

Total deposits fell last month by €131.3m, to €47.7bn, the second highest since July 2013, the central bank said in a statement on its website recently. Total loans fell in September by €316.1m, compared to August, to €53.9bn, the lowest since September 2008.

The drop in deposits in September was mainly the outcome of withdrawals worth €139.8m by other financial corporations, followed by €12m by insurance companies, and €7.8m by non-financial corporations, versus an €18m increase in household deposits, the Central Bank said.

Non-financial corporations repaid loans worth €238.9m last month, followed by households, which repaid €65m, and other financial intermediaries with €6.8m, the Central Bank said.

Source: Cyprus Mail