FINANCE: Deposits in Cyprus banks declined by EUR 340 mln in January

Total deposits in the Cyprus banking system amounted to Euros 47.53 bln in January marking a net reduction of Euros 342.7 mln compared to December, data released by the Central Bank of Cyprus (CBC) showed.

In December 2018 deposits had risen by Euros 392.7 mln to 47.86 bln before falling 0.69% in January.

The annual growth rate reached 4.1%, compared with 3,7% in December 2018.

Deposits in dollars declined by Euros 171 mln in January with the deposits amounting to Euros 5.9 bln. Deposits in euros declined by Euros 164 ln with the outstanding amount totalling Euros 40.5 bln.

Furthermore, total loans in January exhibited a net increase of Euros 115 mln, compared with a net increase of Euros 166.8 mln in December.

The annual growth rate stood at -2.4%, compared with -2.6% in December 2018. The outstanding amount of loans reached Euros 39.3 bln in January 2019, the CBC said.

According to the CBC data, the increase is mainly due to corporate loans which rose by Euros 111 mln to Euros 18.25 bln.

Total household loans in January amounted to Euros 15 bln, marking an increase of Euros 19 mln compared with December 2018.

Mortgages in January amounted to Euros 9.7 bln (-0.2%), consumer loans Euros 1.9 bln (+1.1%) and other household loans reached Euros 3.6 bln.

Source: The Financial Mirror