Total deposits recorded a net increase of €164.8 million in May, reaching €52 billion, according to data published by the Central Bank of Cyprus on Wednesday. Total loans stood at €25.1 billion, with a net increase of €90.6 million.

The data, included in the June 2023 edition of Monetary and Financial Statistics, show that the annual growth for deposits stood at 2.6% in May, compared to 1.9% in April 2023, when a net decrease of €173.3 million was recorded.

The annual growth rate for loands stood at -1.3%, remaining unchanged compared with April 2023, when a net decrease of €130.9 million was recorded.

CBC explains that the term "net decrease/increase" represents the term "transactions", i.e. it does not include the changes resulting from reclassifications, exchange rate and other adjustments.