The Central Bank of Cyprus on Tuesday released its Monetary Financial Institutions (MFIs) deposits and loans statistics for October 2023, revealing a decrease in both deposits and loans during this period.
According to the November 2023 edition of Monetary and Financial Statistics, total deposits experienced a notable net decrease of €61.0 million, a stark contrast to the previous month’s net increase of €87.7 million.
This resulted in an annual growth rate of total deposits standing at 0.7 per cent, a drop from the 1.6 per cent recorded in September 2023.
Moreover, the cumulative value of total deposits reached €51.9 billion in October 2023.
Breaking down the deposit trends, the report outlined that deposits from Cyprus residents saw an increase of €16.0 million.
However, within this category, households’ deposits decreased by €50.8 million while deposits from non-financial corporations saw a marked increase of €126.9 million.
In addition, deposits from other domestic sectors collectively decreased by €60.1 million.
The report also highlighted a significant net decrease in total loans for October 2023, amounting to €212.9 million, a sharp contrast to the prior month’s net increase of €19.2 million.
The annual growth rate of total loans stood at -0.3 per cent, showing a decline from the zero annual growth rate reported in September 2023.
The total outstanding amount of loans reached €24.7 billion for October 2023.
Analysing the loan trends, loans to Cyprus residents exhibited a decrease of €139.6 million.
Specifically, loans to households showed a minimal increase of €0.7 million, while loans to domestic non-financial corporations decreased notably by €124.8 million.
Finally, the report noted that loans to other domestic sectors collectively decreased by €15.5 million.