On Thursday, December 30, the Central Bank of Cyprus published fresh statistics on deposits and loans of financial institutions for November.
According to recent data, a record influx of deposits has been recorded in the island's banking system.
The upward trend has been observed for the ninth month in a row and last month's figures broke the record of May 2019. On the other hand, the number of loans issued, on the contrary, decreased.
Deposits
The total amount of funds on deposit accounts with banks in Cyprus in November 2021 increased by 480.8 million euros compared to a net increase of 279.6 million euros in the previous month. The annual rate of change reached 5.8% compared to 5.3% in October 2021. The total amount of funds placed on deposit accounts in Cyprus banks reached 51.2 billion euros.
Deposits of Cypriots increased to 42 billion euros from 41.5 billion euros in October, deposits of residents of the eurozone fell to 2.77 billion euros from 2.8 billion euros, deposits of third-country nationals in November 2021 amounted to 6.36 billion euros compared to 6.29 billion euros a month earlier.
Credits
As for the total amount of loans, they registered a net decrease of 3.9 million euros compared to a net decrease of 15.7 million euros in October 2021. The annual rate of change reached 1.4% compared to 1.4% in October 2021. The total balance of loans in October 2021 reached 29.6 billion euros.
Consumer loans to Cypriots increased by 6.6%, housing loans increased by 37.1%. At the same time, corporate loans decreased by 14.2%.
As a result of a significant increase in deposits and a reduction in loans, the liquidity of the Cyprus banking system exceeded 20 billion euros, reaching 21 billion euros.
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