On Thursday 28th November the Central Bank of Cyprus released fresh data on loans and deposits for October 2024.
According to the country's main financial institution, the island nation's banking system saw an increase in new deposits and a decrease in new loans.
Deposits
Total cash in deposit accounts with banks in Cyprus increased by €377.6 million in October 2024, compared with a net increase of €485.7 million in September 2024. The annual growth rate was 5,4%, compared with 4.5% in the previous month. The stock of deposits reached 54.6 billion euro in October 2024.
Looking at the details, deposits of Cypriot residents increased by €230.2 million. In particular, deposits of households and non-financial corporations increased by €64.9 million and €115.8 million respectively. Deposits of the other resident sectors increased by a total of €49.4 million.
Loans
A decrease of 213 million euro was recorded for total loans, compared with a net increase of 107.3 million euro in September 2024. The annual rate of change in total loans was 2%, the same as in the previous month. The total stock of loans reached 24.8 billion euro in October 2024.
It is worth noting that from January 2021 to April 2024, the maximum outflow from Cypriot banks will occur in March 2022 (€1.071 bn), while the highest inflow will occur in December 2022 (+€586.3 mn).
Loans to Cypriot residents decrease by €130.4 million in October 2024. Loans to households increased by €9.4 million, while loans to non-financial corporations decreased by €132.2 million. Loans to the rest of the economy recorded an overall decrease of EUR 7.6 million.