On Friday, June 25, the Cyprus Central Bank published statistics on deposits and loans of island's banking institutions for the month of May.
A significant inflow of deposits was registered in the Cypriot banking system in the last spring month of 2021.
According to the Central Bank, the total amount of funds in deposit accounts with banks in Cyprus increased in May by €330.1 million. In comparison, in April this figure was €233.1 million.
The annual rate of change in deposits in May was 3.1% compared to 2.3% in the previous month. The total amount of funds placed in deposit accounts with Cypriot banks amounted to €48.7 billion.
At the same time, the amount of deposits of local customers in May 2021 increased to €40.14 billion in comparison with €39.83 billion in April. The amount of deposits of residents of the EU, on the contrary, decreased to €2.46 billion from €2.48 billion in the previous month. Deposits of residents of third countries remained at the level of €6.1 billion.
As for the loans issued in May 2021, their volume decreased by €24.3 million.
On an annualized basis, the volume of issued loans decreased by €76.2 million.
At the same time, the total balance of loans issued by island's banks in May 2021 decreased by 1.3% and amounted to €31.3 billion. Consumer loans increased by 3.1%, housing loans - by 5.3%, and business loans - by 2.6%.
It is worth noting that the moratorium on loan payments introduced earlier by the government of Cyprus, which concerned loans from MFOs to households and non-financial organizations in the amount of €56.9 million, had a positive impact on the above changes in loans.