Central Bank of Cyprus released some fresh data on loans and deposits for March 2024 on Monday, 29 April.
The country's main financial institution says that the island nation's banking system saw an increase in new deposits and loans in the third month of 2024.
Deposits
In March 2024, the total cash in deposit accounts with banks in Cyprus increased by €252.1 million compared to a net increase of €63.2 million in February 2024. The annual growth rate was 0.6 percent compared to 0.3 percent a month earlier. The deposit balance reached €52.2bn in March 2024.
The Central Bank of Cyprus said that the growth in total deposits was mainly down to a net increase in deposits from households and non-financial companies by €70.3 million and €158.8 million, respectively. Deposits from the other domestic sectors rose by €89.3 million in March.
Loans
When it comes to total loans, there was an increase of €133.1 million compared to a net increase of €348.9 million in February 2024.
The annual change in March 2024 was 1.8 percent, up from 1.5 percent the month before. Total loan balances in March 2024 reached €25.1bn.
It's worth mentioning that from January 2021 to March 2024, the biggest outflow of funds from Cypriot banks was in March 2022 (€1.071bn), while the highest inflow was in December 2022 (+€586.3m).
In March 2024, loans to Cypriot residents increased by €134m. When we look in more detail, we see that loans to households decreased by €1m, while loans to non-financial companies increased by €138.1m. Loans to the rest of the economy showed an overall decrease of €3.1 million.