COVID19: Cyprus bank deposits decline by €452 mln in March

Deposits in the Cypriot banking system declined by €452.4 mln in March amid the coronavirus pandemic, according to data released by the Central Bank of Cyprus.

It is the third consecutive month that a reduction in deposits has been recorded taking the total balance in March to €47.9 bln.

Total deposits in March recorded a net decrease of €452.4 mln, compared with a net decrease of €117.2 mln in February.

Over the first three months of the years, bank deposits have declined by €881 mln, according to the CBC data.

The biggest drop in March was observed in deposits held by domestic residents with a €344 mln shortfall. Deposits held by domestic residents amount to an 81% share of the total.

The annual growth rate in deposits amounted to 1.2% in March compared with 1.5% the previous month.

Furthermore, the CBC said that total loans in March exhibited a net increase of €62.5 mln, compared with a net increase of €8 mln in February.

The annual growth rate stood at -4.9%, remaining unchanged compared with February 2020, the CBC said

According to data, the outstanding amount of total loans reached €33.6 bln in March.