Deposits in the Cyprus banking system rose for a fourth consecutive month in October reaching a new three-year high, while loans continue deleveraging.
According to data released by the Central Bank of Cyprus, total deposits in October 2021 recorded a net increase of €278 million (excluding changes resulting from reclassifications, exchange rate and other adjustments), compared with a net increase of €8 million in September 2021.
The annual growth rate stood at 5.3%, compared with 4.4% in September 2021.
The outstanding amount of deposits reached €50.5 billion in October 2021, marking the highest point since August 2018.
Furthermore, the outstanding amount of total loans declined to €29.6 billion, marking the continued deleveraging in the Cyprus banking system since the 2013 financial crisis.
According to the CBC, in October total loans recorded a net decrease of €15.7 million, compared with a net increase of €27.1 million in September 2021. The annual growth rate stood at 1.3%, compared with 1.5% in September 2021.