On Wednesday, October 28, the Central Bank of Cyprus published the latest statistics on deposits and loans of the island's financial institutions for the month of September 2021.
According to new data, in the first autumn month of 2021, an inflow of deposits was registered in the Cypriot banking system. This trend has been observed for the seventh month in a row. The number of loans issued also increased significantly.
Deposits
The total amount of funds in deposit accounts with banks in Cyprus increased by 8 million euros compared to 495.6 million euros in the previous month. The annual rate of change reached 4.4%, up from 4.5% in August 2021. The total amount of funds placed in deposit accounts with Cyprus banks amounted to 50.3 billion euros.
Cypriot deposits rose to 41.2 billion euros from 41.1 billion euros in August, while deposits of residents of the euro area fell to 2.81 billion euros from 2.83 billion euros, deposits of third-country nationals in September 2021 amounted to 6.25 billion euros compared with 6.21 billion euros a month earlier.
Loans
In terms of total loans, they recorded a net increase of €27.1 million (in August 2021 there was a net decrease of €117.9 million). The annual rate of change reached 1.5%, up from 1.3% in August 2021. The total loan balance in August 2021 reached 29.6 billion euros.
Consumer loans to Cypriots increased by 2%, loans in the residential sector rose to 5.2%, and in business - to 4%.
The increase in deposits and loans resulted in the system's liquidity exceeding €20 billion. To be precise, this figure in September amounted to 20.7 billion euros.