Bank deposits climb to a nine-year high

Deposits in the Cypriot banking system climbed to a nine-year high in September, while total loans continued their downward path, declining in a five-month low, boosting liquidity in the system to over €23 billion.

According to the Monetary Financial Institutions (MFIs), Deposits and Loans Statistics issued by the Central Bank of Cyprus, total deposits in September 2022 recorded a net (changes resulting from reclassifications, exchange rate and other adjustments) increase of €148 million, following a net increase of €173.7 million in August 2022.

The annual growth rate stood at 0.6%, compared with 0.4% in August 2022 with the outstanding amount of deposits reaching €51.8 billion, the CBC added.

According to the CBC data, total loans declined for the third month in a row in September, recording a net decrease of €110.9 million, following a decrease of €100 million in the previous month.

The annual growth rate stood at 1.4%, compared with 1.9% in August 2022, while the outstanding amount of total loans reached €28.3 billion in September 2022.

The liquidity in the Cyprus banking system amounted to €23.5 billion.