Total deposits recorded a noteworthy uptick in September 2023, rebounding from two consecutive months of decline, according to data released Wednesday by the Central Bank of Cyprus. Specifically, total deposits in September 2023 recorded a net increase of pound 87.7 million, compared with a net decrease of pound 175.5 million in August 2023 and a drop of pound 301.1 million in September. In September, the annual growth rate reached 1.6%, in comparison to 1.7% in August 2023. The outstanding amount of deposits for September 2023 reached pound 52.0 billion, in contrast to pound 51.7 billion in September 2022. Furthermore, there was a pound 19.2 million increase in loans in September 2023, compared to a pound 8.5 million increase in August 2023, showing a zero annual growth rate, as opposed to the -0.5% observed in August 2023. Total outstanding loans for September 2023 reached pound 24.9 billion, down from pound 28.3 billion in September 2022.
Source: Cyprus News Agency