FINANCE: Deposits in Cyprus banks declined by EUR 340 mln in January

Total deposits in the Cyprus banking system amounted to €47.53 bln in January marking a net reduction of €342.7 mln compared to December, data released by the Central Bank of Cyprus (CBC) showed.

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In December 2018 deposits had risen by €392.7 mln to 47.86 bln before falling 0.69% in January.

The annual growth rate reached 4.1%, compared with 3,7% in December 2018.

Deposits in dollars declined by €171 mln in January with the deposits amounting to €5.9 bln. Deposits in euros declined by €164 ln with the outstanding amount totalling €40.5 bln.

Furthermore, total loans in January exhibited a net increase of €115 mln, compared with a net increase of €166.8 mln in December.

The annual growth rate stood at -2.4%, compared with -2.6% in December 2018. The outstanding amount of loans reached €39.3 bln in January 2019, the CBC said.

According to the CBC data, the increase is mainly due to corporate loans which rose by €111 mln to €18.25 bln.

Total household loans in January amounted to €15 bln, marking an increase of €19 mln compared with December 2018.

Mortgages in January amounted to €9.7 bln (-0.2%), consumer loans €1.9 bln (+1.1%) and other household loans reached €3.6 bln.