Cyprus bank deposits rise to €48 bln

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Deposits in the Cypriot banking system registered a net increase of €191 mln in November rising to €48 bln according to data released by the Central Bank of Cyprus.

Total deposits in November 2020 recorded a net increase of €190.9 mln (adjusting for currency fluctuations), compared with a net decrease of €114.2 mln in October 2020.

The annual growth rate stood at 0.1%, compared with -0.5% in October 2020.

Furthermore, total loans in November recorded a net decrease of €60.4 mln, compared with a net increase of €64.2 mln in October with the outstanding amount of total loans reaching €31.3 bln in November.

The annual growth rate stood at -4,4%, from -4,1% in October.

The Central Bank said the suspension of loan instalments by government decree since the pandemic in March 2020, had an upward impact on the changes in loans.

The loan payment holiday was related to loans from MFIs to households and non-financial corporations amounting to €10.4 bln that expired in December 2020.