articles | 28 September 2020

Deposits rise, loans continue downward path in Cyprus

Total deposits rose in the Cyprus banking sector in August with the outstanding amount reaching €47.9 billion, according to data released by the Central Bank of Cyprus (CBC).

The CBC said that deposits in August 2020 recorded a net increase of €366.5 million, compared with a net increase of €105,6 million in July 2020.

At the same time, they remained unchanged on an annual basis in August, compared with an annual reduction of 0.9% in the previous month.

Total loans in August 2020 recorded a net decrease of €60.7 million, compared with a net increase of €66.9 million in July 2020 with the outstanding amount reaching 31.8 billion.

The annual growth rate in August amounted to -4,4%, compared with -3,7% in July 2020.

The Central Bank pointed out that the suspension of instalments, according to the Decree for the suspension of loan instalments by the Minister of Finance, had an upward impact on the above changes in loans.

The suspension of instalments was related to loans from MFIs to households and non-financial corporations amounting to €10.4 billion, the CBC said.

(CNA)

Source: In-Cyprus

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