Cyprus Mail
Cyprus

Deposits from abroad rise slightly

Bank deposits from third-country nationals rose slightly in October, the Central Bank (CBC) said, as the total across the banking system fell 22.7 per cent year-on-year.

Compared with September, total deposits dropped by €163 million to around €47.4 billion, the CBC said.

Deposits from third country nationals rose to €12.1 billion from €11.7 billion, the CBC said, as those belonging to Cypriots and other euro area nationals dropped by €461.8 million to €32.5 billion and €107.8 million to €2.6 billion respectively.

To prevent a collapse of its financial system, Cyprus introduced emergency controls on the movement of capital, such as money transfers or cash withdrawals, in March. It has been gradually relaxing those controls ever since.

It was the first-ever eurozone country to do so.

 

 

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