This is the third consecutive monthly reduction in deposits whose balance in March amounted to €49.7 billion. Deposits declined by €881 million in the last three months, according to the CBC data.

The biggest drop in March was observed in deposits held by domestic residents with €344 million. Deposits held by domestic residents amount 81% of the total deposits.

According to the ECB the annual change in deposits amounted to 1.2% in March compared with 1.5% the previous month.

Furthermore, the CBC said that total loans in March 2020 exhibited a net increase of €62.5 million, compared with a net increase of €8.0 million in February 2020.

The annual growth rate stood at -4,9%, remaining unchanged compared with February 2020, the CBC added

According to the data, the outstanding amount of total loans reached €33.6 billion in March 2020.

Source: In-Cyprus