Cyprus loans up 31.6% by June ‘08

Total loans given to non monetary financial institutions in Cyprus by end of June 2008 surged by 31.6% year-on-year to EUR 46.7 bln and 3% month-on-month from May 2008,  according to the June 2008 Monetary Survey of the Central Bank of Cyprus.

Total loans to domestic residents were up 23.4% YoY and 2.8% MoM at EUR 37.7bln, while loans to other euro area residents reached EUR 1.1bn, recording an increase of 45.6% YoY and 3.3% MoM.

Total deposits on the other hand jumped by 14.5% YoY and 1% MoM to EUR 54.4bln. Domestic resident deposits amounted to EUR 34.3bln, up by 14.7% YoY and 2.0% MoM, while deposits from foreign residents reached EUR 18.4bln , up 13.3% YoY but marginally lower on a monthly basis (-0.8% MoM).