Cyprus bank deposits rise to €47.8 bln in June

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Deposits and loans in the Cyprus banking system registered a net increase in June with total deposits amounting to €47.8 bln while total loans edge up to €32.2 bln.

Central Bank of Cyprus (CBC) data shows that total deposits in June recorded a net increase of €106.4 mln, compared with a net decrease of €30.8 mln in May.

The annual growth rate stood at -0.7%, compared with -0.8% in May 2020.

CBC said total loans in June exhibited a net increase of €264.7 mln, compared with a net increase of €35.2 mln in May.

Nevertheless, the outstanding amount of loans decreased by €568.1 mln to €32.2 bln.

The difference between the net change and the change of the outstanding amount of loans is attributed to reclassification, revaluation, exchange rate or other adjustments.

The annual growth rate stood at -4.0%, compared with -4.4% in May.

CBC said the above changes in loans were positively affected by the suspension of instalments related to loans from MFIs to households and non-financial corporations amounting to €10.5 bln, under the government’s loan payment holiday.