Cyprus Mail

Deposits drop, loans increase in Cyprus banking system

Deposits in the Cypriot banking system fell for the fifth consecutive month in May, while loans showed a net 

The balance of deposits was at €47.8 billion, a net decrease of €30.8 million, compared with a net decrease of €37.1 million in April 2020, according to data released by the Central Bank of Cyprus (CTC).

In March, deposits fell by 0.8 per cent, compared with an increase of 0.7 per cent in April 2020.

Loans, on the other hand, showed a net increase of €35.2 million, compared with a net increase of €5.5 million in April 2020.

However, the balance of loans in May 2020 decreased by €887.1 million and reached €32.7 billion.

“The difference between net change and change in loan balance is attributed to revaluations, value adjustments, foreign exchange or others. adjustments” the CBC said.

The annual rate of change reached -4.4%, remaining stable compared with April 2020.

It is worth noting that the suspension of loan installments, according to the provisions of the Decree suspending installments of the Minister of Finance, concerned loans to households and non-financial companies at a value of €9.8 billion and had a positive effect on the changes noted in number and value of loans.

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