Cyprus Bank Deposits Increase after Four Years

January 30, 2017

Cyprus’ bank deposits increased in 2016 for the first time after four years according to data released by the Central Bank of Cyprus, on Friday.

The outstanding amount of deposits reached €49,0 billion in December 2016. Deposits in Cyprus banks stood at €70,1 billion in 2012 and dropped to €46,9 in 2013, according to the data.

The total deposits in December 2016 recorded a net decrease of €74,9 million, compared with a net increase of €358,0 million in November 2016.

The annual growth rate stood at 6.2 per cent compared with 6.8 per cent in November 2016.

Total loans in December 2016 exhibited a net decrease of €98,0 million, compared with a net decrease of €29,1 million in November 2016.

Nevertheless, the outstanding amount of loans increased by €1,3 billion in December 2016 and reached €55,2 billion, due to reclassification, revaluation, exchange rate or other adjustments.

The annual growth rate stood at -11.0%, compared with -10.4% in November 2016.

Source: CNA