The Central Bank of Cyprus announced a significant recovery in total deposits in September, marking a positive shift following two months of consecutive declines. Data released today showed that there was a net increase of €87.7 million in deposits for September, a notable turnaround from the net decrease of €175.5 million in August and the €301.1 million drop seen in the same month last year.

Interestingly, the annual growth rate for deposits in September stood at 1.6%, slightly down from the 1.7% recorded in August 2023. The cumulative deposit amount by the end of September 2023 was a substantial €52.0 billion, showing an increase from €51.7 billion in September 2022.

Alongside these developments in deposit growth, the bank reported changes in the loan sector. September 2023 experienced a €19.2 million rise in loans, an acceleration compared to the €8.5 million increase in August 2023. This shift indicated a stabilization in the loan market, with an annual growth rate of zero, an improvement over the -0.5% decline reported in August.

Despite this positive movement in loan issuance, the total outstanding loans in September 2023 were €24.9 billion, reflecting a decrease from €28.3 billion recorded in the same month last year.