In November 2023, Cypriot banks witnessed a notable increase in both loans and deposits, as per the Monetary and Financial Statistics released in December 2023 by the Central Bank of Cyprus.

The total deposits for November 2023 experienced a net increase of €91.7 million, a significant shift from the net decrease of €61.0 million in October 2023. This growth brought the annual rate of change in total deposits to 0.9%, up from 0.7% in the previous month. The total deposits reached a balance of €51.9 billion.

Breaking down the deposit trends, Cypriot residents' deposits increased by €40.7 million. Despite a decrease of €102.4 million in household deposits, there was a noteworthy increase of €66.0 million in deposits from domestic non-financial companies. Additionally, deposits from other domestic sectors collectively rose by €77.1 million.

Similarly, the total loan sector exhibited positive growth, with a net increase of €15.0 million in November 2023, contrasting sharply with the net decrease of €212.9 million in October. The annual rate of change of total loans slightly improved to -0.2%, from -0.3% in the previous month. The total loan balance stood at €24.7 billion.

While loans to Cypriot residents decreased overall by €45.5 million, there were mixed trends within this category. Household loans saw an increase of €8.2 million, but loans to non-financial companies decreased by €71.1 million. Loans to other domestic sectors increased by €17.5 million.

This data signifies a robust activity in the banking sector of Cyprus, reflecting an overall positive trend in the country's economic landscape.