Bank of Cyprus see increase in deposits, however ironically, less people are repaying their loans

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The Central bank of Cyprus has released a statement about the growing number of both deposits and debt to the bank. The total number of bank deposits rose in January by €148m, to almost €49bn, as total loan repayments dropped by to €54bn. Experts have attributed the figures to a rise in deposits by not only financial institutions, but also interestingly by corporations unrelated to the finance sector, both sectors have brought the deposit total to a substantial €6bn. The deposits held by insurance companies rose to just under €2bn, while those held by private individuals and the government dropped to €28bn and €945m, respectively.