Cyprus sees decrease in loans and deposits in January 2024

Both total loans and deposits in Cyprus witnessed a net decrease in January 2024, according to a report released on Tuesday by the Central Bank of Cyprus (CBC).

According to the report, total loans saw a reduction of €122.9 million, while total deposits decreased by €366.0 million, following an increase in the previous month, referring to December 2023.

Specifically, the CBC reported that total loans in January 2024 decreased to €24.7 billion, with loans to residents of Cyprus showing a decrease of €44.8 million.

Total loans had previously experienced a net increase of €284.2 million in December 2023.

Breaking it down further, loans to households increased by €3.4 million, while loans to non-financial corporations decreased by €19.1 million.

In addition, loans to other domestic sectors collectively saw a drop of €29.1 million.

What is more, total deposits in January 2024 registered a net decrease of €366 million, compared to a net increase of €346.0 million in December 2023.

It should be noted that deposits from residents of Cyprus experienced a decrease of €273.1 million.

The annual growth rate of total deposits reached 0.8 per cent, compared to 0.4 per cent in December 2023.

The remaining total deposits in January 2024 amounted to €51.9 billion.

In detail, deposits from households and non-financial corporations decreased by €28.9 million and €206.5 million, respectively.

Deposits from other domestic sectors also experienced a decrease, amounting to €37.7 million.