Deposits and loans in Cyprus increased in March 2023

The balance of deposits in Cyprus reached €51.9 billion in March 2023, while the balance of total loans amounted to €25.1 billion, according to a report published on Tuesday by the Central Bank of Cyprus.

According to the bank’s Monetary and Financial Statistics report for April 2023, total deposits in March 2023 recorded a net increase of €59.8 million, a lower net increase than February’s €357.1 million.

Moreover, the annual rate of change increased to 2.6 per cent, compared to the 0.3 per cent recorded in February 2023.

Meanwhile, total loans in March 2023 recorded a net increase of €41.9 million, compared to February’s €81.2 million.

The annual rate of change increased to a negative 0.5 per cent, compared to February’s negative 0.7 per cent. Additionally, the balance of total loans reached €25.1 billion.

The Central Bank of Cyprus noted that the terms ‘net increase’ and ‘net decrease represent transactions and do not include changes due to reclassifications, exchange rates, and other adjustments.