Insider Economy Deposits decline for fifth consecutive month in May

Deposits decline for fifth consecutive month in May

Deposits in the Cyprus banking system marked a net reduction for a fifth consecutive month in May with total deposits amounting to €47.8 billion.

Data published on Friday by the Central Bank of Cyprus (CBC) show that total deposits in May registered a net deduction of €30.8 million compared with a net reduction of €37.1 million in April. In March, the first month when the first Covid-19 infections were diagnosed in Cyprus deposits marked a net reduction of €452 million.

On an annual basis, deposits registered a decline of 0.8% in May compared with a reduction an annual increase of 0.7% in the previous month.

Loans in May registered a net increase of €35.2 million compared with a net increase of €55.2 million in April, the CBC said.

However, the CBC added that the outstanding total loans value marked a reduction of €887.1 million reaching €32.7 billion.

“The difference between the net change and the change of the outstanding amount of loans is attributed to reclassification, revaluation, exchange rate or other adjustments,” the CBC added.

Loans in May marked an annual reduction of -4.4%, remaining unchanged compared with April 2020.

The CBC also noted that the changes in loans were positively affected by the suspension of instalments related to loans to households and non-financial corporations amounting to €9.8 billion.

(CNA)

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