Total deposits recorded a net increase of pound 164.8 million in May, reaching pound 52 billion, according to data published by the Central Bank of Cyprus on Wednesday. Total loans stood at pound 25.1 billion, with a net increase of pound 90.6 million. The data, included in the June 2023 edition of Monetary and Financial Statistics, show that the annual growth for deposits stood at 2.6% in May, compared to 1.9% in April 2023, when a net decrease of pound 173.3 million was recorded. The annual growth rate for loands stood at -1.3%, remaining unchanged compared with April 2023, when a net decrease of pound 130.9 million was recorded. CBC explains that the term “net decrease/increase” represents the term “transactions”, i.e. it does not include the changes resulting from reclassifications, exchange rate and other adjustments.
Source: Cyprus News Agency