Deposits increased while loans decreased in August

In August, total deposits recorded a net increase of €173.7 million, while loans recorded a net decrease of €100 million, according to the Monetary Financial Institutions (MFIs) deposits and loans statistics published by the Cyprus Central Bank on Tuesday, which are included in the September 2022 edition of Monetary and Financial Statistics.

According to CBC, total deposits in August recorded a net increase of €173.7 million, compared with a net decrease of €183.9 million in July. The annual growth rate stood at 0.6%, compared with 1.3% in July. The outstanding amount of deposits reached €51.5 billion in August.

On the contrary, total loans in August recorded a net decrease of €100 million, compared with a net decrease of €162.7 million in July. The annual growth rate stood at 2%, compared with 1.9% in July 2022 and the outstanding amount of total loans reached €28.5 billion in August 2022.

CBC clarifies that the term "net decrease/increase" represents the term "transactions", meaning it does not include the changes resulting from reclassifications, exchange rate and other adjustments.