Deposits in the Cyprus banking system rose significantly in June totalling €52.3 billion, while liquidity in the banking system amounted to €27.2 billion.

Loans in the banking system also increased for a second consecutive month in June reaching €25.1 billion.

According to data published by the Central Bank of Cyprus (CBC), total deposits in June 2023 recorded a net increase (excluding changes resulting from reclassifications, exchange rate and other adjustments) of €399.2 million, compared with a net increase of €164,8 million the month before.

The annual growth rate stood at 2.7%, compared with 2.6% in May 2023, while the outstanding amount of deposits reached €52.3 billion, the CBC said.

According to the CBC, the biggest monthly changes in total deposits resulted from other financial intermediaries (including investment organisations) deposits which rose by 248.1 million, non-financial corporations which recorded a net increase of €156.9 million while household deposits rose by €23.9 million. At the same time, deposits of insurance corporations and pension funds declined by €42.1 million.

Total loans in June 2023 also observed a net increase of €123.2 million, following a net increase of €90.6 million in May 2023.

Compared with June 2022, loans declined by 1.2%, compared with an annual drop of 1.3% the month before.

The outstanding amount of total loans reached €25.1 billion in June 2023, the CBC added.

In June the amount of loans held by non-financial corporations rose by €78.4 million whereas loans held by households rose by €42.8 million, of which €29.4 million were in housing loans.