Cypriots saving less as loan numbers fluctuate

In January 2024, the total deposits in Cyprus reached €51.9 billion, experiencing a net decrease of €366.0 million compared to the previous month. The annual growth rate of total deposits stood at 0.8%, an increase from 0.4% in December 2023. Deposits of residents, including households and non-financial corporations, exhibited a decrease, contributing to the overall decline.

Concurrently, total loans in January 2024 recorded a net decrease of €122.9 million, with an annual growth rate of 0.4%, down from 0.7% in December 2023. The outstanding amount of total loans reached €24.7 billion. Loans to residents, particularly non-financial corporations, experienced a decrease, offset by a marginal increase in loans to households. Overall, the Central Bank of Cyprus observed fluctuations in both deposits and loans, reflecting changes in economic dynamics during the reference period.

[Source: CNA]