Total loans in January 2021 recorded a net increase of €2.8 million, compared with a net increase of €583.7 million in December 2020, according to data released Thursday by the Central Bank of Cyprus.
January was the first month after the ending of the decree for the suspension of loan instalments by the Minister of Finance issued in March 2020, as a measure to help borrowers affected by the pandemic. The decree that concerned loans to households and non-financial corporations amounting to €10.5 billion, ended on 31st December 2020. The new decree issued in January 2021, relates to loans of a much less total value, resulting in a significantly lower impact of loan moratoria on the above changes in loans.
The annual growth rate of loans stood at 3.1%, compared with 2.7% in December 2020. The outstanding amount of total loans reached €31,8 billion in January 2021.
Total deposits in January 2021 recorded a net decrease of €349.3 million, compared with a net increase of €362.6 million in December 2020. The annual growth rate stood at 0.2%, remaining unchanged compared with December 2020. The outstanding amount of deposits reached €47.9 billion in January 2021.