Bank deposits continue to rise

BANK deposits recorded a net rise in July for the fourth consecutive month, increasing by €1.13bn since March 2015, the lowest point in the past nine years, the Central Bank of Cyprus (CBC) said on Friday.

Deleveraging also continued in July, with loans reaching their lowest point in the past seven-and-a-half years.

According to the CBC, total deposits rose by €269m in July, down from a €343.4m increase the previous month.

Total deposits reached €47.03bn in July, the CBC said. On an annual basis, deposits rose for the tenth consecutive month.

In March last year, deposits dropped to €45.73bn, the lowest point since April 2007 – €44.52bn.

The rise was attributed to third country and EU nationals, and Cyprus residents.

Cypriot residents’ deposits recorded a net rise of €127.3m in July, reaching €34.6bn. EU residents increased their deposits by €84.9m, to €3.06bn.

Deposits by third country nationals rose to €9.36bn after chalking a €56.8m rise.

Loans showed a net decrease of €178.9m in July compared with €550.5m the previous month.

Total loans reached €54.1bn in July, the lowest point since October 2008 when they dropped to €53.92bn.

Cyprus residents’ loans fell by around €8.66bn, to €45.63bn, from their highest level of €54.29bn in March 2013.

Domestic household loans fell to €20.71bn, a decrease of €3.14bn, from their highest historical level of €23.85bn in December 2012.

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