In May 2024, Cyprus recorded a net increase of €70.2 million in total loans, reversing the previous month's decline. Simultaneously, total deposits saw a substantial net increase of €925.7 million, with an annual growth rate of 2.8%.

According to the deposit and loan statistics for May 2024 published by the Central Bank of Cyprus (CBC) on Thursday, total deposits recorded a net increase of €925.7 million, compared to a net increase of €209.1 million in April 2024. The total balance of deposits in May 2024 reached €53.3 billion.

The annual growth rate of total deposits reached 2.8%, up from 1.4% in April 2024.

The CBC reports that deposits from Cyprus residents increased by €778.8 million.

More specifically, household deposits rose by €107.6 million, and non-financial corporation deposits increased by €315.1 million.

Deposits from other domestic sectors, including investment organizations, other financial intermediaries, auxiliary financial organizations and entities, financial auxiliaries, insurance companies, pension funds, and the General Government, also showed an increase, amounting to €356.0 million.

Additionally, according to the CBC, total loans in May 2024 recorded a net increase of €70.2 million, compared to a net decrease of €278.6 million in April 2024. The total balance of loans in May 2024 reached €24.9 billion.

The annual growth rate of total loans stood at 1.2%, unchanged from April 2024.

The CBC notes that loans to Cyprus residents increased by €59.6 million.

More specifically, loans to households increased by €3.4 million, and loans to non-financial corporations rose by €62.2 million. Loans to other domestic sectors overall decreased by €6.0 million.

Meanwhile, the Government of Cyprus has offset a total of €569.4 million in debts from the start of the debt offset process in November 2013 to the end of May 2024, according to an announcement from the General Accounting Office of the Republic.

According to the Debt Offsets Statement published by the General Accounting Office on Thursday, out of the total €569.4 million offset by the end of May 2024, €360.4 million pertains to the Tax Department.

During the same period, a total of €124.3 million has been offset for the Social Insurance Services, while other government departments/services have accounted for €84.7 million in offsets, according to the Debt Offsets Statement from the General Accounting Office.

The General Accounting Office notes that the total amount includes deductions from salaries, wages, and pensions for outstanding fines owed to the Republic of Cyprus by state employees, hourly government staff, and retirees, amounting to €1.2 million.

Regarding May 2024 alone, according to the General Accounting Office's data, a total of €5.2 million was offset. Of this, €3.7 million pertained to the Tax Department, €1.3 million to the Social Insurance Services, and €0.2 million to other government departments/services.

For comparison, in April 2024, a total of €6.0 million was offset, with €4.7 million pertaining to the Tax Department, €1.2 million to the Social Insurance Services, and €0.1 million to other government departments/services.