A drop in deposits was more than offset by the ongoing deleveraging, the Central Bank of Cyprus said.
Total deposits fell last month by €131.3m, to €47.7bn, the second highest since July 2013, the central bank said in a statement on its website recently. Total loans fell in September by €316.1m, compared to August, to €53.9bn, the lowest since September 2008.
The drop in deposits in September was mainly the outcome of withdrawals worth €139.8m by other financial corporations, followed by €12m by insurance companies, and €7.8m by non-financial corporations, versus an €18m increase in household deposits, the Central Bank said.
Non-financial corporations repaid loans worth €238.9m last month, followed by households, which repaid €65m, and other financial intermediaries with €6.8m, the Central Bank said.
Source: Cyprus Mail
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Digital assets are no longer a niche, but a part of modern finance attracting a growing number of investors – and there is immense potential for Cyprus to become a leading cryptocurrency hub. By fostering a more inclusive regulatory ecosystem, Cyprus can diversify its financial services sector and position itself at the forefront of digital finance, says Georg Bühler, Managing Director of Mount Pelion Capital.
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