The Central Bank of Cyprus published on Thursday, August 26 the latest statistics on deposits and loans of the island's financial institutions for July.
In the second summer month of 2021, an inflow of deposits was again registered in the Cypriot banking system.
According to the Central Bank, the total amount of funds in deposit accounts in Cyprus banks in July increased by 52.1 million euros compared to 432.4 million euros in the previous month. The annual rate of change reached 4.2%, up from 4.4% in June 2021. The total amount of funds placed in deposit accounts with banks were 49.6 billion euros.
Deposits in Cyprus increased to 40.57 billion euros from 40.59 billion euros in June, while deposits of residents of the euro area fell to 2.75 billion euros from 2.78 billion euros, deposits of third-country nationals in July 2021 amounted to 6.3 billion euros compared with 6.2 billion euros a month earlier.
In terms of total loans, they recorded a net increase of € 107.4 million, compared with a net increase of € 244.2 million in June 2021. The annual rate of change reached 1.5%, up from 1.3% in June 2021. The total loan balance in July 2021 reached 29.7 billion euros.
Consumer loans to Cypriots increased by 2% from 2.4% in June, in the residential sector the growth was 5.4% from 5.3%, and in the business sector - 4% from 3%.
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.