Bank deposits climb to 9-year high

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Deposits in the Cypriot banking network climbed to a nine-year high in September, boosting liquidity in the system to over €23 bln, said the Cyprus Central Bank.

On the flip side, the data shows that total loans continued their downward path, declining to a five-month low.

According to the Monetary Financial Institutions (MFIs), Deposits and Loans Statistics issued by the Central Bank, total deposits in September recorded a net increase of €148 mln, following a net rise of €173.7 mln in August.

The changes resulted from reclassification, exchange rate and other adjustments.

The annual growth rate stood at 0.6%, compared with 0.4% in August, with the overall amount of deposits reaching €51.8 bln.

According to the data, total loans dipped for a third month running in September, recording a net decrease of €110.9 mln, following a decline of €100 mln in the previous month.

The annual growth rate stood at 1.4% from 1.9% in August, while the outstanding amount of total loans reached €28.3 bln in September.

The liquidity in the Cyprus banking system was €23.5 bln.