Total deposits and loans in the Cyprus banking system continued their annual gains in March with the liquidity in the system exceeding pound 27 billion, data released by the Central Bank (CBC) of Cyprus on Friday show. According to the CBC, total deposits in March 2024 recorded a net increase (transactions, excluding changes resulting from reclassifications, exchange rate and other adjustments) of pound 252.1 million, compared with a net increase of pound 63.2 million in February 2024. The annual growth rate of total deposits stood at 0.6%, compared with 0.3% in February 2024, with the outstanding balance of total deposits reaching pound 52.2 billion in March 2024, the CBC said. Deposits of Cyprus residents exhibited an increase of pound 318.5 million, fueled by deposits of households and non-financial corporations which rose by pound 70.3 million and pound 158.8 million respectively. Deposits of the remaining domestic sectors also exhibited increase, which stood at pound 89.3 million. According to the C BC data, total loans in March 2024 recorded a net increase of pound 133.1 million, compared with a net increase of pound 348.9 million in February 2024. The annual growth rate of total loans stood at 1.8%, compared with 1.5% in February 2024, with the outstanding balance amounting to pound 25.1 billion, the CBC added. Loans to Cyprus residents were up by pound 134 million. Loans to households decreased by pound 1.0 million, while loans to non-financial corporations recorded an increase of pound 138.1 million. Furthermore, loans to the remaining domestic sectors exhibited a total decrease of pound 3.1 million, the CBC added. Source: Cyprus News Agency
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