Deposits increase by €164.8 million in May, loans rise by €90.6 million

According to data released by the Central Bank of Cyprus (CBC) this week, total deposits in May recorded a net increase of €164.8 million, reaching €52 billion.

In addition, loans saw a net increase of €90.6 million, reaching €25.1 billion.

The figures, included in the Monetary and Financial Statistics June 2023 edition, indicate that the annual growth rate for deposits reached 2.6 per cent, compared to 1.9 per cent in April when a net decrease of €173.3 million was recorded.

Similarly, the annual growth rate for loans stood at a negative 1.3 per cent in May, remaining unchanged from April when a net decrease of €130.9 million was reported.

The Central Bank clarifies that the terms net decrease and net increase represent transactions, meaning that it does not include changes resulting from reclassifications, foreign exchange, and other readjustments.