Foreign deposits surge to CYP 5.2 bln

Foreigners or non-residents increased their total deposits with local banks to CYP 5.24 bln end of June 2005, which represents a gain of CYP 174 mln since June 2004, while since the start of the year, such deposits are up CYP 629 mln.

The Central Bank revealed that the equivalent of CYP 4.6 bln in deposits are held in foreign currency while CYP 614 mln are held in local currency by non-residents.

According to the Central Bank figures, total deposits held by residents was up CYP 173 mln to CYP 8.8 bln by June 2005 of which some CYP 885 mln are held in foreign currency.