Deposits increased in April due to Government’s Cooperative Bank deposit

Total deposits in Cyprus’ banking system recorded a net increase of Euros 2,4 billion in April 2018, compared with a net decrease of Euros 642,9 million in March 2018, according to data released Tuesday by the Central Bank of Cyprus.

The increase of deposits is mainly explained by the deposit of an amount of Euros 2.5 billion by the Cyprus Government, with the Cyprus Cooperative Bank in April 2018.

The annual deposits growth rate reached 4.5%, compared with -0,8% in March 2018. The outstanding amount of deposits reached Euros 50,5 billion in April 2018.

Total loans in April 2018 exhibited a net decrease of Euros 100,0 million, compared with a net decrease of Euros 155,7 million in March 2018.

The annual growth rate stood at -2,0%, remaining unchanged compared with March 2018. The outstanding amount of total loans reached Euros 48,6 billion in April 2018.

Source: Cyprus News Agency