Total loans in Cyprus fell by €213 million in October 2024 compared to the previous month, according to a report from the Central Bank of Cyprus (CBC).

The report also showed that deposits rose by €377.6 million, primarily due to an increase in deposits from Cyprus residents,

Breaking it down further, total loans recorded a net decrease of €213 million in October, following a net increase of €107.3 million in September.

Despite this decline, the annual rate of change in total loans held steady at 2 per cent, with the total loan balance reaching €24.8 billion by the end of October.

The CBC explained that resident loans declined by €130.4 million, with loans to households showing a modest increase of €9.4 million, while loans to non-financial corporations dropped by €132.2 million.

Loans to other domestic sectors also fell slightly, decreasing by €7.6 million.

Meanwhile, on the deposits side, total deposits in October recorded a net increase of €377.6 million, compared to a €485.7 million rise in September.

The annual rate of change in total deposits climbed to 5.4 per cent, up from 4.5 per cent the month before, bringing the overall balance of deposits to €54.6 billion.

According to the CBC, deposits from Cyprus residents increased by €230.2 million, supported by a €64.9 million rise in household deposits and a €115.8 million uptick in deposits from non-financial corporations.

In addition, deposits from other domestic sectors grew by €49.4 million.