Home / Business / Local Business / Deposits increase for fourth consecutive month, loans reach 7.5 year low

Deposits increase for fourth consecutive month, loans reach 7.5 year low

Cyprus’ bank deposits increased in July this year for the fourth consecutive month, data released by the country’s Central Bank showed on Friday. Total deposits in July 2016 recorded a net increase of €269,0 million, compared with a net increase of €343,4 million in June 2016.

The annual growth rate stood at 5,5%, compared with 5,4% in June 2016. It is the tenth consecutive month that deposits record an increase on a yearly basis. The outstanding amount of deposits reached €47,0 billion in July 2016.

Deposits increased by €1,13 billion from last March when they reached the lowest level of the past nine years. Last March, deposits fell to € 45.73 billion, the lowest level since April 2007, when they stood at € 44.52 billion.

As Central Bank`s data show, Cyprus residents’ deposits recorded a net increase in July 2016 by €127.3 million to €34,60 billion, whereas deposits of residents of EU Member States increased by €84.9 million to € 3.06 billion. Deposits of Third Countries residences increased by €56.8 million to €9,36 billion.

On the other hand loans decreased to their lowest level in seven and a half years. Total loans in July 2016 exhibited a net decrease of €178,9 million, compared with a net decrease of €550,5 million in June 2016.

The annual growth rate stood at -11,7%, compared with -12,3% in June 2016. The outstanding amount of loans reached €54,1 billion in July, which is the lowest level since October 2008, when they stood at € 53.92 billion.

Cyprus residents’ loans have decreased by approximately € 8.66 billion to € 45,63 billion, from their highest level of € 54.29 billion in March 2013.

Domestic household loans fell to € 20.71 billion, a decrease of € 3,14 billion, from their highest historical level of € 23,85 billion in December 2012. (CNA)

Check Also

Unemployment rate drops to 10.6% in Q2

The number of people out of work in the second quarter of 2017 was 10.6% …

European Commission team looking at Larnaca Port concerns

The EP Committee on Petitions (PETI) is conducting a fact-finding mission in Larnaca between Wednesday …