Liquidity in the Cyprus banking system rises to almost pound 29 billion in August
Liquidity in the Cyprus banking system (the difference between deposits and loans) rose to pound 28.7 billion in August 2024, driven by the rise in deposits in combination with the reduction in the outstanding balance of loans in the system, data released on Thursday by the Central Bank of Cyprus (CBC) show.
According to the CBC, total deposits in August 2024 recorded a net increase (excluding the changes resulting from reclassifications, exchange rate and other adjustments) of pound 288.5 million, compared with a net increase of pound 164.7 million the month before.
The annual growth rate of total deposits rose to 3.8%, compared with 2.9% in July 2024. The outstanding amount of total deposits reached pound 53.6 billion in August 2024, the CBC added.
The rise in deposits was driven by the increase in savings by Cyprus residents, which amounted to pound 194.2 million. Deposits of households and non-financial corporations increased by pound 34.6 million and pound 46.8 million respectively, whereas deposits
of the remaining domestic sectors exhibited a total increase ?f pound 112.8 million.
Loans down by pound 75 million
Total loans in August 2024 recorded a net decrease of pound 74.9 million, compared with a net decrease of pound 7.2 million in July 2024.
The annual growth rate (compared with August 2023) stood at 1.7%, compared with 2.0% in July 2024. The outstanding amount of total loans reached pound 24.9 billion in August 2024.
Loans to Cyprus residents exhibited a decrease of pound 72.2 million.
Loans to households and non-financial corporations decreased by pound 25.8 million and pound 53.6 million respectively. Loans to the remaining domestic sectors exhibited a total increase of pound 7.2 million, the CBC said.
The remaining domestic sectors include investment funds, other financial intermediaries, financial auxiliaries, captive financial institutions and money lenders, insurance corporations and pension funds and general government
Source: Cyprus News Agency