The Central Bank of Cyprus has published its statistics on deposits and loans of the island's financial institutions for December 2020.
Thus, in the last month of last year, a deposit inflow was registered in the Cypriot banking system.
The total amount of funds in Cyprus banks' deposit accounts increased by 362.6 million euros. In comparison, in November this number was equal to 190.9 million euros.
The annual rate of deposits change in December 2020 reached 0.2% compared to 0.1% in the previous month. The total amount of funds placed in Cyprus banks deposit accounts amounted to 48.2 billion euros.
It should be noted that local residents have begun to trust Cypriot banks more. The same cannot be said about foreign citizens who massively withdraw their money from the country.
In parallel, in December 2020, an increase in the volume of loans issued by 583.7 million euros was also registered. For comparison, in November this number, on the contrary, decreased by 60.4 million euros.
At the same time, the total balance of loans issued by Cypriot banks in December decreased and amounted to 31.8 billion euros. The annual rate of change in loans in December 2020 reached 2.7% (-4.4% in the previous month).
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 10.5 billion euros, had a positive impact on the above changes in loans.