Deposits in the Cypriot banking system experienced an increase of approximately €590 million in December 2022, with their total balance exceeding €52 billion, according to a report published on Friday by the Central Bank of Cyprus (CBC).

In addition, loans marked a net increase after five consecutive months of decline and reached €26.1 billion, with liquidity in the system standing at €26 billion.

According to the central bank report, total deposits in December 2022 recorded a net increase of €586.3 million. This figure excludes any changes resulting from reclassifications, exchange rate fluctuations, and other adjustments.

For comparison, total deposits experienced a net decrease of €13.2 million in December 2022.

The annual rate of change stood at a growth of 0.4 per cent, compared to a decline of 0.1 per cent in November 2022.

What is more, there was a net increase of €92.1 million in total loans in December 2022, compared to a net decrease of €19.2 million in the previous month, with their total balance amounting to €26.1 billion.

The annual rate of change came in at a decrease of 0.2 per cent, compared to an increase of 0.8 per cent in November 2022.