Cyprus residents’ bank deposits rise by €318.5 million

The Central Bank of Cyprus (CBC) on Friday reported an increase in both loans and total deposits within the Cypriot banking system for March 2024.

According to the CBC, liquidity, measured as the difference between loans and deposits, exceeded €27 billion at the end of the aforementioned month.

Moreover, total deposits saw a net increase of €252.1 million, compared to a net increase of €63.2 million in February 2024.

In addition, the year-on-year growth rate of total deposits reached 0.6 per cent, compared to 0.3 per cent in February 2024.

Cyprus residents’ deposits showed an increase of €318.5 million. Among these, household deposits and deposits of non-financial corporations increased by €70.3 million and €158.8 million respectively.

Deposits from other domestic sectors (investment organisations, other financial intermediaries, auxiliary financial institutions and entities, subsidiaries of financial institutions and money lenders, insurance companies, pension funds, and general government) also recorded an increase, amounting to €89.3 million.

Furthermore, the central bank reported that the balance of total deposits in March of this year stood at €52.2 billion.

Meanwhile, total loans recorded a net increase of €133.1 million, compared to a net increase of €348.9 million in February 2024.

The year-on-year growth rate of total loans reached 1.8 per cent, compared to 1.5 per cent in February 2024.

Additionally, the balance of total loans reached €25.1 billion in March of this year.

What is more, according to the CBC, loans to residents of Cyprus showed an increase of €134 million, with loans to households decreasing by €1 million, while loans to non-financial corporations recorded an increase of €138.1 million.

Finally, the CBC reported that loans to other domestic sectors experienced a total decrease of €3.1 million.