Bank Deposits in Cyprus Decline For the Fifth Consecutive Month

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.