On Wednesday the 29th the Central Bank of Cyprus released fresh data on loans and deposits in April.
According to the country's main financial institution, the island nation's banking system saw an increase in new deposits, but a decrease in new loans.
Deposits
Total cash in deposit accounts with banks in Cyprus increased by €209.1m in April 2024, compared with a net increase of €252.1m in March 2024. The annual growth rate was 1.4%, compared with 0.6% in the previous month. The deposit balance reached €52.5 billion in April 2024.
The Central Bank of Cyprus emphasised that the growth in total deposits was mainly due to a net increase in deposits from households and non-financial corporations of €33.5m and €136.2m respectively. Deposits from other domestic sectors increased by €87.1 million in April.
Loans
Total loans decreased by 278.6 million euro, compared with a net increase of 133.1 million euro in March 2024.
The annual rate of change in April 2024 was 1.2%, compared with 1.8% in the previous month. Total stock of loans reached the 24.9 billion euro mark in April 2024.
It is worth noting that from January 2021 to April 2024, the maximum outflow of funds 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 increase by €320.4 million in April 2024. Loans to households increased by €2 million, while loans to non-financial corporations decreased by €51.2 million. Loans to the rest of the economy recorded an overall decrease of 271.3 million euro.