For the fifth consecutive month bank deposits in Cyprus declined in October according to the Central Bank of Cyprus.
“Deposits declined by €212.9 million to €45.7 billion, mainly due to deposit withdrawals by third country (non-EU) residents.According to the CBC, deposits declined by 4.9% year on year in October compared with an annual decline of 4.5% in September,” the CNA reported.
Total loans also declined by “€263.8 million, compared with a net reduction of €157.1 in September, declining to €59.5 billion, due to loan repayments by EU residents.The annual reduction of loans stood at 2.3% in October compared with 2.8% in September 2014…Domestic residents` deposits declined by €62.8 million to €31.9 billion,” CNA added.
