On Wednesday the 28th, the Central Bank of Cyprus released fresh data on loans and deposits for July 2024.
According to the country's main financial institution, the island nation's banking system recorded a significant increase in new deposits and a decrease in loans.
Deposits
Total cash in deposit accounts at banks in Cyprus rose to €164.7m in July 2024, compared with a net decrease of €44.1m in the previous month. The annual growth rate was 2.9 per cent, compared with 2 per cent in June. The stock of deposits reached 53.4 billion euro in July 2024.
Looking at the details, deposits of Cypriot residents increased by €230.7 million. In particular, deposits of households and non-financial corporations increased by €59.9 million and €217.4 million respectively. Deposits of other resident sectors increased by €73.2 million.
Loans
Total loans decreased by 7.2 million euro, compared with a net increase of 234.6 million euro in June 2000. The annual rate of change of total loans reached 2 per cent, compared with 1.6 per cent in June 2024. The total stock of loans reached 25 billion euro in July 2024.
It is worth noting that from January 2021 to April 2024, the maximum outflow from Cypriot banks occurred in March 2022 (€1.071 bn), while the highest inflow occurred in December 2022 (+€586.3 mn).
Loans to Cypriot residents will decrease by €139 million in July 2024. At the same time, looking more closely, loans to households increased by €16.2 million and loans to non-financial corporations decreased by €136.5 million. Loans to the rest of the economy decreased by a total of €18.7 million.