The amount deposited at banks in Cyprus rose an annual 7.1% in March while loans fell 5.1%, the central bank said in a statement on its website on Friday. The shortfall of deposits against loans fell to €5.5bn last month from €5.9bn the month before.

The increase in deposits in March was mainly on a €227.1m inflow to accounts held by other financial intermediaries followed by a €55m and a €36.3m inflow to household and non-financial corporations accounts respectively, the supervisory authority said. The general government saw its deposits increase by €19.3m while in the case of insurance companies and pension funds there was an outflow of €5.9m.

Almost all fresh bank credit went to other financial intermediaries while in the case of non-financial corporations and households there was a net debt repayment of €25.6m and €12.7m respectively, the central bank said.

Source: Cyprus Mail