The financial landscape in Cyprus experienced a notable shift in February 2024, as evidenced by the latest statistics from the Central Bank of Cyprus (CBC). These figures, which were included in the March 2024 edition of the Monetary and Financial Statistics, reveal a substantial net increase in total deposits and a significant rise in total loans.

Total deposits in February recorded a noteworthy net increase of €65.4 million. This marks a considerable turnaround from the €366.0 million decrease witnessed in the previous month. The annual growth rate of total deposits modestly climbed to 0.3%, up from 0.8% in January 2024. By the end of February 2024, the outstanding amount of total deposits reached approximately €52.0 billion.

Breaking down the deposit figures, Cyprus residents deposited an additional €101.8 million in total. Specifically, household deposits rose by €41.2 million, despite a €63.0 million decline in deposits from non-financial corporations. Other domestic sectors saw a combined increase of €123.7 million in their deposits.

In contrast, total loans in February 2024 showed a substantial net increase of €348.9 million, a significant change from the net decrease of €122.9 million recorded in January 2024. The total loans’ annual growth rate rose to 1.5%, a notable increase from 0.4% in the previous month. Consequently, the outstanding amount of total loans amounted to €25.0 billion by February's end.

The composition of the loan increase presents a varied picture. Loans to Cyprus residents increased overall by €77.9 million. However, this included a slight decrease of €3.9 million in household loans and a more substantial increase of €60.6 million in loans to non-financial corporations. Loans to other domestic sectors collectively rose by €21.2 million.