Deposits in Cyprus banks up 2% to €48.5 bln

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Deposits in the Cyprus banking system marked a 2% annual rise in January to €48.5 bln but the trend was down on the previous month, Central Bank of Cyprus data shows.

Deposits in January 2020 amounted to €48.5 bln whereas loans were €33.6 bln.

Total deposits marked a net reduction of €311.9 mln in January following a net increase of €295.8 mln in the previous month.

Compared with January 2019, deposits (€47.53 bln) marked an increase of 2% against an annual increase of 1.9% in December 2019.

Deposits worth €6.52 bln were held in US dollars, deposits in British pounds amounted to €742 mln. Deposits in Swiss Franc amounted to €47.6 mln and in Japanese Yen €11.5 mln.

Household deposits amounted to €28.7 bln, with corporate deposits at €11 bln.

Deposits held by other financial intermediaries amounted to €6.23 bln, while general government deposits amounted to €1 bln.

Deposits held by domestic residents amounted to €39 bln, non-EU citizens €6.67 bln while EU citizens deposits in Cyprus reached €2.8 bln.

Total loans recorded a net reduction of €119 mln, reaching €33.6 bln, marking a reduction of 4.9% compared with January 2019.

Corporations held the lion’s share of the loans with €16.48 bln, followed by household loans with €14 bln.