Loans in Cyprus drop in March to lowest point since 2009
By Stelios Orphanides Loans in the banking system dropped in March by €617.6m in a month to €57.5bn, which is the lowest since December 2009, as deposits fell for the first time in four months, the Central Bank of Cyprus said. In March, deposits fell by €95.5m to €45.7bn, the central bank said in a statement on its website on Wednesday. As a result, the difference between loans and deposits shrank to €11.8bn, which is the narrowest since May 2013, two months after the bail-in. The drop in outstanding loans in March was mainly on loan repayments by financial corporations, which reduced their lending by €376.9m to €7.9bn, the central bank said. Loans to non-financial companies and households fell by €98.4bn and €138.5m, to €25.5bn and €23.2bn respectively. The outflow in deposits last month was mainly on a monthly €150.3m drop in deposits held by non-financial companies at Cypriot banks to €10.1bn, the central bank said. Household deposits fell by €58.4m to €27.7bn. The overall
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