On Tuesday, January 2, the Central Bank of Cyprus released new data on loans and deposits for November 2023.
According to the country's main financial institution, the island nation's banking system recorded an increase in new deposits and loans this month.
Deposits
Total cash in deposit accounts in November 2023 at banks in Cyprus rose by €91.7 million in November 2023, compared with a net decline of €61 million in October 2023. The annualized growth rate was 0.9% compared to 0.7% a month earlier. The deposit balance reached €51.9 billion in November 2023.
The Central Bank of Cyprus emphasized that the increase in total deposits was mainly due to a net increase of €40.7 million in Cypriot deposits. On the other hand deposits of eurozone residents decreased by €4.2 million, while deposits of third country residents increased by €28.6 million.
Loans
Regarding total loans, a net increase of €15 million was recorded, compared with a net decrease of €212.9 million in October 2023.
The annualized rate of change in November 2023 was -0.2% compared with -0.5% a month earlier. Total loan balances in November 2023 reached the €24.7 billion mark.
It is worth noting that from January 2021 to November 2023, the maximum outflow of funds from Cypriot banks occurred in March 2022 (-1.071 billion euros), while the largest inflow occurred in December 2022 (+586.3 million euros).
Loans to Cypriot residents in November 2023 decreased by €45.5 million. At the same time, looking in more detail, loans to households increased by €8.2 million, while loans to non-financial companies recorded a decrease of €71.1 million. Loans to other sectors of the economy showed an overall increase of 17.5 million euros.