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Deposits Reach Six-Month High In September, Boosted By Debt Payment Holiday

Deposits Reach Six-Month High In September, Boosted By Debt Payment Holiday

Deposits in the Cyprus banking system amounted to €48 billion in September, reaching the highest point in the last six months, mainly due to the increase in deposits of non-financial corporations.


 
According to data released by the Central Bank of Cyprus, adjusted for foreign currency exchange rates, total deposits in September 2020 recorded a net increase of €36.2 million, compared with a net increase of €366.5 million in August 2020.


 
The annual growth rate stood at -0.6%, compared with a zero annual growth rate in August 2020.


 
Corporate deposits marked a net increase of €145 million to €11 billion in September whereas household deposits declined by €11.6 million to €28.6 million.


 
Cyprus enforced as of March 2020 a debt repayment moratorium which ends in December 2020.


 
Outstanding loans volume up by €218 million to €31.9 billion


 
According to the CBC, total loans in September 2020 recorded a net increase of €218.1 million, compared with a net decrease of €60.7 million in August 2020.


 
The annual growth rate stood at -3,8%, compared with -4,4% in August 2020. The outstanding amount of total loans reached €31,9 billion in September 2020.


 
The CBC pointed out that the suspension of instalments, according to the Decree for the suspension of loan instalments by the Minister of Finance, had an upward impact on the above changes in loans.


 
The suspension of instalments was related to loans from MFIs to households and non-financial corporations amounting to €10,4 billion.


 
Furthermore, the CBC noted that the data for the reference month of December 2019 were revised in accordance with the audited financial statements of the MFIs. Therefore, the data for all the months from January to August 2020 were also revised accordingly.

 

Source: CNA

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