Deposits in the Cypriot banking system recorded a net increase for the second consecutive month in May to reach almost 49 billion euros.
According to data released by the Central Bank of Cyprus, loans declined for the second consecutive month in May to stand at 31.3 billion while system liquidity stood at 17.4 billion euros.
Total deposits recorded a net increase in May (excluding changes resulting from reclassifications, exchange rates and other adjustments) of 330.1 million euros, against a net increase of 233.1 million euros in April 2021. The rate annual growth stands at 3.1% compared to 2.3% in April 2021, said the CBC, adding that the total outstanding deposits reached 48.7 billion euros in May 2021.
Total loans in May 2021 show a net decrease of 24.3 million euros, compared to a net decrease of 76.2 million euros in April 2021.
The annual growth rate stood at 1.3%, compared to 1.6% in April 2021 for a total loan amount of 313 billion euros.
The CBC said that the new payment holiday, in accordance with the new decree of suspension of loan disbursements by the Minister of Finance, issued in January 2021, had a minor upward impact on the aforementioned loan changes, as the new suspension concerns businesses and loans to households for 56.9 million euros.