Cyprus deposits rise by €562.3m in July as total loans decline
Deposits with Cyprus financial institutions increased by €562.3 million in July, while total loans fell by €68.7 million, Central Bank of Cyprus figures showed.
Nicosia, Cyprus. Deposits held with Cyprus financial institutions recorded a net increase of €562.3 million in July, while total loans declined by €68.7 million, according to the Central Bank of Cyprus.
The rise in deposits was driven largely by Cyprus residents, while the fall in lending was mainly linked to repayments by residents of other euro-area member states.
Deposit growth
Deposits held by Cyprus residents increased by €603.2 million during July. Household deposits rose by €195.7 million, while deposits held by non-financial corporations increased by €257.1 million.
Deposits belonging to other domestic sectors grew by a further €150.4 million.
The outstanding balance of total deposits reached €59.2 billion at the end of July, more than double the corresponding balance of loans. The annual growth rate of deposits accelerated to 6.2 per cent from 5 per cent in June.
Despite the monthly inflow, the increase was slightly below the net rise of €601.2 million recorded in June.
Loan movements
Total loans registered a net decrease of €68.7 million in July, reversing the €499.4 million increase recorded in June.
The decline was mainly attributed to €90 million in loan repayments by residents of other euro-area member states.
Loans to Cyprus residents recorded a net increase of €1.8 million. Household borrowing increased by €65.7 million, while loans to non-financial corporations fell by €79.6 million.
Lending to other domestic sectors rose by a combined €15.8 million, partly offsetting the decline in business loans.
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