Insider Economy Deposits in Cypriot banks increase by €191 million in November

Deposits in Cypriot banks increase by €191 million in November

Deposits in the Cypriot banking system registered a net increase of €191 million in November rising to €48 billion according to data released by the Central Bank of Cyprus.

According to CBC, total deposits in November 2020 recorded a net increase of €190.9 million (adjusting for currency fluctuations), compared with a net decrease of €114.2 million in October 2020.

The annual growth rate stood at 0.1%, compared with -0.5% in October 2020, the CBC said.

Furthermore, total loans in November 2020 recorded a net decrease of €60.4 million, compared with a net increase of €64.2 million in October 2020, with the outstanding amount of total loans reached €31.3 billion in November 2020.

The annual growth rate stood at -4,4%, compared with -4,1% in October 2020, the CBC added.

The CBC pointed out that the suspension of instalments in place by a Decree by the Minister of Finance since March 2020, had an upward impact on the above changes in loans.

The suspension of instalments was related to loans from MFIs to households and non-financial corporations amounting to €10,4 billion and expired in December 2020.

(CNA)

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