Government’s deposits rise to €891m in January 2018

The central government’s funds deposited at the Central Bank of Cyprus rose in January 2018 to €891.3m from €427.3m in December 2017, the bank supervisor said.

In January, the size of the central bank’s balance sheet fell to €16.4bn from €16.5bn the month before, the bank supervisor said. The reduction was mainly on a decline in liabilities to other banks in the euro area related to monetary policy operations.

The central government’s deposits at the Central Bank of Cyprus fell significantly in November after it made a €614.9m payment against its loan from the central bank, which currently stands at €510.9m. The general government’s deposits at commercial banks stood in December at below €1.1bn.

The Cypriot government is expected to start repaying the first instalment of €312.5m against the €2.5bn loan from Russia as early as next month. The next payment is scheduled in September.

Source: Cyprus Mail