articles | 28 April 2017

Deposits rise to €49.6bn as loans rise to €55bn

Deposits in the Cypriot banking system rose by €332.1m monthly in March 2017 to €49.6bn, the highest since July 2013, as loans rose by €132.8m to €55bn, the Central Bank of Cyprus said.

The amount deposited at banks in Cyprus rose an annual 7.1% in March while loans fell 5.1%, the central bank said in a statement on its website on Friday. The shortfall of deposits against loans fell to €5.5bn last month from €5.9bn the month before.

The increase in deposits in March was mainly on a €227.1m inflow to accounts held by other financial intermediaries followed by a €55m and a €36.3m inflow to household and non-financial corporations accounts respectively, the supervisory authority said. The general government saw its deposits increase by €19.3m while in the case of insurance companies and pension funds there was an outflow of €5.9m.

Almost all fresh bank credit went to other financial intermediaries while in the case of non-financial corporations and households there was a net debt repayment of €25.6m and €12.7m respectively, the central bank said.

Source: Cyprus Mail

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