On Tuesday, July 27, the Central Bank of Cyprus published the latest statistics on deposits and loans of the island's financial institutions for the month of June.
In the first summer month of 2021, a significant influx of deposits was registered in the Cypriot banking system.
According to the island's Central Bank, the total amount of funds in deposit accounts in local banks increased by 432.4 million euros in June. In comparison, in May, this figure increased by 330.1 million euros.
The annual rate of change in deposits in June was 4.4% compared to 3.7% in the previous month. The total amount of funds placed in deposit accounts with Cypriot banks amounted to 49.5 billion euros.
At the same time, an increase in the volume of loans issued by 244.2 million euros was also registered in June. For comparison, in May this figure rose by 24.3 million euros.
The balance of loans in June decreased by 1.6 billion euros to 29.7 billion euros. The difference between the net change and the change in loan balances is attributable to reclassifications, value adjustments and exchange differences.
The annual rate of change in loans was 1.3%, remaining stable compared to May.
It should be noted that the moratorium on loan payments introduced earlier by the government of Cyprus, which concerned loans from MFIs to households and non-financial organizations in the amount of 58.2 million euros, had a positive impact on the above changes in loans.