Deposits fell 7.6 per cent in June

 

CONSUMERS and companies withdrew deposits from banks in Cyprus in June, where big account holders in the two largest lenders were forced to take a hit as part of an international bailout.

Private-sector deposits fell by 7.6 per cent to €37.6 billion after a roughly 2.0 per cent fall in May, European Central Bank data showed on Thursday.

Capital controls are still in place on the island, with limits on how much people can transfer from their accounts. Cyprus is gradually easing the controls.

The data showed that deposits in another southern European country mired in the debt crisis remained relatively stable.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.