Deposits decline for fifth consecutive month in May

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Deposits in the Cyprus banking system marked a net reduction for a fifth consecutive month in May with total deposits amounting to €47.8 billion.

Data published on Friday by the Central Bank of Cyprus (CBC) show that total deposits in May registered a net deduction of €30.8 million compared with a net reduction of €37.1 million in April. In March, the first month when the first Covid-19 infections were diagnosed in Cyprus deposits marked a net reduction of €452 million.

On an annual basis, deposits registered a decline of 0.8% in May compared with a reduction an annual increase of 0.7% in the previous month.

Loans in May registered a net increase of €35.2 million compared with a net increase of €55.2 million in April, the CBC said.

However, the CBC added that the outstanding total loans value marked a reduction of €887.1 mill

(CNA)