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Government deposits at €1.1bn in May, BoC’s ELA drops to €2.8bn, central bank says

The Central Bank of Cyprus said the general government’s cash reserves stood at €1.1bn at the end of May, down by €89m from April.

Outstanding “other claims on euro area credit institutions,” which contains emergency liquidity assistance extended to banks, fell in May to €2.8bn from €3.2bn in April, the Central Bank said in its monthly balance sheet report, posted on its website on Monday.

The new figure, which confirms the one announced on May 31, by Cyprus’s largest lender, is the lowest since April 2013, when emergency liquidity assistance reached €11.6bn. Around €9bn were used by Laiki and were later passed on to BoC.

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