articles | 27 February 2019

Deposits in Cyprus banks declined by €340m in January 2019

Total deposits in the Cyprus banking system amounted to €47.53b in January 2019 marking a net reduction of €342.7m compared to December, data released by the Central Bank of Cyprus (CBC) showed.

In December 2018 deposits had risen by €392.7 million to €47.86 billion before falling 0.69% in January.

The annual growth rate reached 4.1%, compared with 3,7% in December 2018.

Deposits in dollars declined by €171 million in January with the deposits amounting to €5.9 billion. Deposits in euros declined by €164 ln with the outstanding amount totalling €40.5 billion.

Furthermore, total loans in January exhibited a net increase of €115 million, compared with a net increase of €166.8 million in December.

The annual growth rate stood at -2.4%, compared with -2.6% in December 2018. The outstanding amount of loans reached €39.3 billion in January 2019, the CBC said.

According to the CBC data, the increase is mainly due to corporate loans which rose by €111 million to €18.25 billion.

Total household loans in January amounted to €15 billion, marking an increase of €19 million compared with December 2018.

Mortgages in January amounted to €9.7 billion (-0.2%), consumer loans €1.9 billion (+1.1%) and other household loans reached €3.6 billion.

Source: Financial Mirror

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