Despite a fall in total bank deposits of 22.7% year-on-year across the island's banking system, deposits from third country nationals have risen to €12.1 billion from €11.7 billion in October. However those belonging to Cypriots and other euro area nationals dropped by €461.8 million to €32.5 billion and €107.8 million to €2.6 billion respectively. Compared with September, total deposits dropped by €163 million to around €47.4 billion, the CBC said.

To prevent a collapse of its financial system, Cyprus introduced emergency controls on the movement of capital, such as money transfers or cash withdrawals, in March. It has been gradually relaxing those controls ever since. It was the first-ever eurozone country to do so.

Source: Cyprus Mail