On Wednesday the 29th, the Central Bank of Cyprus released fresh data on loans and deposits for the month of December.
According to the country's main financial institution, the island nation's banking system saw an increase in new deposits and loans during the month.
Deposits
Total cash in deposit accounts with banks in Cyprus rose by €977.4 million in December 2024, compared with a net increase of €91.6 million in November 2024. The annual growth rate was 6.6% compared with 5.4% in the previous month. The stock of deposits reached €55.9 billion in December 2024.
Looking at the details, deposits of Cypriot residents increased by €877.2 million. In particular, deposits of households and non-financial corporations increased by €594.5 million and €135.3 million respectively. Deposits of other resident sectors increased by a total of €418 million.
Loans
Total loans also increased by €503.2 million, compared with a net decrease of €1.8 million in November 2024. The annual rate of change in total loans was 2.8 %, compared with 1.9 % in the previous month. The total stock of loans reached 25.4 billion euro in December 2024.
It is worth noting that from January 2021 to December 2024, the maximum outflow of funds from Cypriot banks will occur in March 2022 (€1.071 bn), while the highest inflow will occur in December 2022 (+€586.3 mn).
In December 2024, loans to Cypriot residents increase by €150.7 million. Loans to households increased by 111.3 million euro and loans to non-financial corporations by 111.4 million euro. Loans to the rest of the economy registered an overall decrease of 72 million euro.