articles | 29 November 2018

€13b in deposits moved from Cypriot banks since 2011

€13 billion in foreign deposits were removed from Cypriot banks since 2011, according to Central Bank figures.

In 2018, there were €7.26 billion deposited in Cypriot banks from non-Cypriots. This is €12.93 billion less than 2011, when €20.19 billion in Cypriot banks belonged to non-Cypriots.

Deposits from Russian nationals have decreased significantly. Since January 2018, Russians have moved €1.5 billion in deposits from Cyprus.

Today, they make up just 2% of Cypriot banks’ clients.

Deposits from EU citizens have also decreased from €5.35 billion in 2011 to €2.25 billion in 2018. Since the start of 2018, EU citizens have moved €95 million in deposits.

Total deposits in October 2018 showed a net increase of €299.7 million, compared with a net decrease of €230.4 million in September 2018. The balance of deposits in October 2018 reached €47.8 billion.

Source: InCyprus

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