According to Cyprus Central Bank data, deposits increased by €236.9 million to €47.7 billion from €47.5 billion in March. In March 2019, deposits were down by €327.7 million.

The year-on-year fluctuation rate dropped to 0.6%, compared with 5.1% in March 2019, as the increase in deposits was much lower than in April 2018.

Total deposits in April last year saw an increase of €2.4 billion, due to a €2.5 billion deposit made by the Republic of Cyprus to the now defunct Co-op Bank with the intent to stop a bank run caused by uncertainty over the bank’s future.

Cypriot deposits in April this year stood at €37.7 billion, increasing from €37.4 billion in the previous month but lower than €39.3 billion in April 2018.

According to the data, third-country residents' deposits stood at €6.87 billion, dropping from €6.94 billion in the previous month. In April 2018, they amounted to €7.94 billion.

Deposits of citizens from the eurozone, including Greece, remained stable at €3.2 billion, which was the same for both last month and April 2018.

Decrease in loans

Unlike deposits, loans saw a decrease. The total value of loans in April 2019 dropped by €206.4 million (net), compared to a net increase of €63.2 million in March 2019.

The annual rate of change was -2.3%, compared to -2% in March.

The number of loans to residents increased by 0.1% in April compared to last April 2018.

Consumer loans increased by 0.5% against an increase of 0.9% in the previous month, while mortgages recorded an increase of 0.3% 0.1%.

Business loans increased by 2.5% compared to March.

The outstanding amount of total loans reached €38 billion in April 2019.

Source: Financial Mirror