Deposits in the Cypriot banking system declined by €452.4 million in March amid the coronavirus pandemic, according to data released by the Central Bank of Cyprus.
This is the third consecutive monthly reduction in deposits whose balance in March amounted to €49.7 billion. Deposits declined by €881 million in the last three months, according to the CBC data.
The biggest drop in March was observed in deposits held by domestic residents with €344 million. Deposits held by domestic residents amount 81% of the total deposits.
According to the ECB the annual change in deposits amounted to 1.2% in March compared with 1.5% the previous month.
Furthermore, the CBC said that total loans in March 2020 exhibited a net increase of €62.5 million, compared with a net increase of €8.0 million in February 2020.
The annual growth rate stood at -4,9%, remaining unchanged compared with February 2020, the CBC added
According to the data, the outstanding amount of total loans reached €33.6 billion in March 2020.