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)