In March, both total deposits and total loans in Cyprus experienced an upward movement, with liquidity (the difference between loans and deposits) exceeding €27 billion, according to the statistical data on deposits and loans of Monetary Financial Institutions published by the Central Bank of Cyprus.
For March 2024, total deposits recorded a net increase of €252.1 million, compared to a net increase of €63.2 million in February 2024. The annual growth rate of total deposits reached 0.6%, compared to 0.3% in February 2024.
Deposits from residents of Cyprus showed an increase of €318.5 million. Specifically, household deposits and those of non-financial corporations increased by €70.3 million and €158.8 million, respectively.
Deposits from other domestic sectors (investment firms, other intermediary financial institutions, auxiliary financial institutions and entities, subsidiaries of financial institutions and money lenders, insurance enterprises, pension funds, and general government) also increased, totalling an increase of €89.3 million.
The balance of total deposits in March 2024 reached €52.2 billion, reports the CBC.
Simultaneously, total loans in March 2024 recorded a net increase of €133.1 million, compared to a net increase of €348.9 million in February 2024. The annual rate of change in total loans reached 1.8%, compared to 1.5% in February 2024. The balance of total loans in March 2024 reached €25.1 billion.
According to the CBC, loans to Cypriot residents increased by €134.0 million, with household loans decreasing by €1.0 million, while loans to non-financial corporations increased by €138.1 million.
Loans to other domestic sectors overall decreased by €3.1 million.
