Net deposit outflows from the Cyprus banking system reached â‚¬271m

Net deposit outflows from the Cyprus banking system reached 271 million.

The figures released yesterday by the Central Bank of Cyprus showed an outflow of €502 million registering the highest decline in deposits since last September.
However, analyzing the available data in terms of net monthly transactions for deposits and loans for the month of February, the calculated monthly transactions were reduced to €274 million.

This estimation is the result of the monthly change in outstanding amounts of total deposits in February 2014, which stood at -€502.2 million and the deduction of the exchange rate adjustment which stood at -€228.4 million together with reclassifications and other adjustments at -€0.1 million.
On an annual basis deposits registered a decline of 20.1% compared with 21.4% in January, marking a stabilization of outflows since August.

The outstanding amounts in the banks` balance sheet in February registered a decline of €63 million. Given the exchange rate adjustment and other adjustments the net reduction stood at €260 million.
The net outflow from local residents in February reached €377 million, while EU citizens, excluding Cyprus, stood at €36 million. Deposits from non-EU nationals increased by €139 million.