articles | 28 February 2020

Deposits and loans decrease in January 2020

There was a general decline in the number of deposits and loans during the first month of 2020 compared with the previous month, according to data released by the Central Bank of Cyprus (CBC).

According to the official report, the balance of deposits in January 2020 amounted to €48.5 billion, a net decrease of €311.9 million, compared to a net increase of €295.8 million registered in December 2019.

Compared with January 2019, however, the amount of total deposits increased by 2 per cent.

Foreign currency deposits in January 2020 stood at $6.52 billion, £742m, 47.6m Swiss francs and Fr11.5 million.

The lion’s share of total deposits was held by households with deposits of €28.7 billion, followed by businesses with €11 billion, financial intermediaries with €6.23 billion, insurance companies and pension funds with €1.63 billion, while general government deposits stood at €1 billion.

The total amount of loans in January 2020 stood at €33.6 billion, recording a net decrease of €119.2m, compared to the previous month.

The largest share of total loans belong to businesses with €16.48 billion, followed by household loans standing at €14.01 billion, government loans at €437 million and insurance companies’ loans at €6.5 million.

Source: Cyprus Mail

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