Total deposits and loans in the Cyprus banking system continued their annual gains in March with the liquidity in the system exceeding €27 billion, data released by the Central Bank (CBC) of Cyprus on Friday show.

According to the CBC, total deposits in March 2024 recorded a net increase (transactions, excluding changes resulting from reclassifications, exchange rate and other adjustments) of €252.1 million, compared with a net increase of €63.2 million in February 2024.

The annual growth rate of total deposits stood at 0.6%, compared with 0.3% in February 2024, with the outstanding balance of total deposits reaching €52.2 billion in March 2024, the CBC said.

Deposits of Cyprus residents exhibited an increase of €318.5 million, fueled by deposits of households and non-financial corporations which rose by €70.3 million and €158.8 million respectively. Deposits of the remaining domestic sectors also exhibited increase, which stood at €89.3 million.

According to the CBC data, total loans in March 2024 recorded a net increase of €133.1 million, compared with a net increase of €348.9 million in February 2024.

The annual growth rate of total loans stood at 1.8%, compared with 1.5% in February 2024, with the outstanding balance amounting to €25.1 billion, the CBC added.

Loans to Cyprus residents were up by €134 million.

Loans to households decreased by €1.0 million, while loans to non-financial corporations recorded an increase of €138.1 million. Furthermore, loans to the remaining domestic sectors exhibited a total decrease of €3.1 million, the CBC added.