Deposits and loans record decrease in October 2023, CBC reports

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.