Cyprus Mail

Government deposits seen at €1.2bn in January, central bank says

The government’s cash reserves deposited at the Central Bank of Cyprus rose in January to almost €1.2bn by €467.4m compared to December, the central bank said.

Other claims on euro area credit institutions dominated in euro which includes emergency funding extended to local banks fell to €5,000, essentially confirming Bank of Cyprus’s January 5 announcment in which the lender said that it had completely repaid its outstanding emergency liquidity, the central bank said in a statement on its website on Monday.

The increase in the government funds deposited at the central bank is partly on a €300m bond issued to the Cooperative Central Bank on January 8. The government deposits announced on Monday do not include government funds deposited at commercial banks which stood in December at €958m.

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