While the increase in loans in the previous month resulted partly from the revaluation of the Swiss franc following a decision by the Swiss National Bank to scrap a cap in the exchange of the Swiss franc vis-à-vis the euro on January 15, the main increase resulted from an increase in loans to other intermediate financial institutions.

Loans in Swiss franc rose to €3.6 billion in January from €3.2 billion the month before, while outstanding loans in all currencies to other intermediate financial institutions rose to €11.5 billion from €9.6 billion respectively, the Central Bank of Cyprus said in a statement on its website today.

Overall deposits fell mainly on a decrease by €331.6 billion in deposits held by non-financial companies, the central bank said.

Housing loans rose in January to €13.9 billion from €13.7 billion the month before, while non-financial companies saw their deposits rise in January to almost €27 billion, which is €1 billion more compared to the month before, the central bank said.

Source: Cyprus Mail