Cyprus sees €44.1 million drop in deposits during June 2024

The Central Bank of Cyprus (CBC) on Thursday published its monetary and financial institutions (MFIs) report for June 2024, detailing deposits and loan statistics for the month under review.

According to the CBC report, total deposits in June 2024 experienced a net decrease of €44.1 million, a sharp contrast to the net increase of €925.7 million recorded in May 2024.

Moreover, the annual growth rate of total deposits dropped to 2 per cent in June from 2.8 per cent in May. The outstanding amount of total deposits reached €53.4 billion in June 2024.

Breaking down the deposits, those from Cyprus residents increased by €86.2 million. Specifically, household deposits rose by €40.0 million, while deposits from non-financial corporations saw a significant increase of €259.8 million.

Conversely, deposits from the remaining domestic sectors, which include investment funds, other financial intermediaries, financial auxiliaries, captive financial institutions and money lenders, insurance corporations, pension funds, and the general government, decreased by €213.6 million.

In terms of loans, June 2024 saw a net increase of €234.6 million, compared to a net increase of €70.2 million in May 2024.

The annual growth rate of total loans improved to 1.6 per cent in June from 1.2 per cent in May.

In addition, the total outstanding amount of loans reached €25.1 billion in June 2024.

Meanwhile, loans to Cyprus residents increased by €176.9 million, with household loans rising by €83.3 million and loans to non-financial corporations up by €115.0 million.

Loans to the remaining domestic sectors, however, experienced a decrease of €21.4 million.

Finally, the CBC explained that the terms net decrease and net increase refer to transactions and do not include changes resulting from reclassifications, exchange rate changes, and other adjustments.