Foreign investors massively withdraw their money from banks in Cyprus

Иностранные вкладчики массово выводят свои деньги с кипрских банков
2 November 2020 Liza Medvetskaya
2219

The "golden" passport scandal also indirectly affects the banking sector, mainly due to the connection between the issue and money laundering.

According to Central Bank data, in September - immediately after Al Jazeera reports that sparked the resumption of money laundering talks - there was a sharp decline in deposits of residents of other eurozone member states in Cypriot banks against €25 800 000, as well as a reduction of deposits of third-country residents by €28 300 000.

Иностранные вкладчики массово выводят свои деньги с кипрских банков

It is noted that last month (August), the deposits of residents of other eurozone member states had increased by €17 100 000, while the guarantees of residents of third countries had increased by €56 800 000. Nevertheless, after the resumption of the money laundering talks, the course was reversed.

It is also pointed out that the banking system is not directly involved in the "golden" passport scandal. On the contrary, it is perhaps the only institution that survived Al Jazeera's embarrassing video, as the only obstacle the protagonists mentioned are bank checks. Nevertheless, the Central Bank data show that the banking system was indirectly affected by the developments.

It is also noted that the outflows of foreign depositors were exceeded by the increase in deposits of Cypriots by €90 300 000, resulting in total deposits in the banking system to increase in September by €36 200 000 compared to last month.

Source: economytoday.sigmalive.com
Photos: pixabay.com
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