Deposits and loans in Cyprus experienced a net decrease in January 2023, according to a report released this week by the Central Bank of Cyprus (CBC).

Based on the report, total deposits recorded a net decrease of €583.8 million in January 2023, compared to a net increase of €586.3 million in December 2022.

The annual rate of change reached a negative rate of 0.1 per cent, compared to a positive rate of 0.4 per cent in December 2022.

What is more, the balance of deposits in January 2023 stood at €51.5 billion.

Total loans in January 2023 recorded a net decrease of €93.2 million, compared to a net increase of €92.1 million in December 2022.

Moreover, the annual rate of change reached a negative rate of 0.9 per cent, compared to a negative rate of 0.2 per cent in December 2022.

In addition, the balance of total loans in January 2023 stood at €26 billion.

Further to the above, Cypriot households were provided with €1.2 billion in consumer loans and €8.4 billion in housing loans in January 2023.

Finally, non-financial companies were provided with loans amounting to €10 billion during the same period of time.