Cyprus deposits at 6 month low, while loans on the rise

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Deposits in the Cyprus banking system fell for a third month in a row in June since the elimination of capital controls to €45.8bn while loans rose to €62.5bn, the Central Bank of Cyprus released in a statement.
Generally, deposits have fallen each month at an average rate of €386.4m last month and fell 5.5% annually, the central bank said in a statement on its website today. The amount of deposits held by Cyprus residents and non-EU residents in Cypriot bank accounts dropped €228.5m and €338.3m in June from May to €32bn and €11.4bn individually while those held by other euro area residents rose by €156.7m to €2.3bn.

Overall, outstanding loans and NLPs (non-performing loans) in the banking system rose by €453.4m last month compared to the previous one and dropped 1.9% compared to a year ago, the central bank said. The amount of loans extended to Cyprus residents and non-euro area residents rose by €291.9m and €181.8m in June compared to €49.2bn for the previous month and €9.7bn respectively.