Deposits in the Cyprus banking system decline by €745 million in June 2018

Deposits in the Cyprus banking system declined by €745 million to €50.2  billion in June 2018 compared with a net increase of €201,2 million the previous month, Central Bank of Cyprus (CBC) said on Thursday.

According to the monthly data issued by the CBC, the annual growth rate amounted to 3.9%, compared with 4.6% in May 2018.

The outstanding amount of deposits amounted to €50.2 billion, the CBC added.

Furthermore, total loans in June 2018 exhibited a net increase of €305.2 million, compared with a net decrease of €66.8 million in May 2018.

Nevertheless, the CBC said, the outstanding amount of loans decreased by €2.1 billion in June 2018, declining to €46.7 billion, due to reclassification, revaluation, exchange rate or other adjustments.

The annual growth rate stood at -1.1%, compared with -1.8% in May 2018, the CBC said.