Both deposits and loans recorded a decrease in July, according to data published by the Central Bank of Cyprus on Monday which are included in the August 2023 edition of "Monetary and Financial Statistics", regarding MFIs deposits and loans statistics for the reference month of July 2023.

Total deposits in July 2023 recorded a net decrease of pound 301.1 million, compared with a net increase of pound 399.2 million in June 2023. The annual growth rate stood at 2.4%, compared with 2.7% in June 2023. The outstanding amount of deposits reached pound 51.9 billion in July 2023.

Total loans in July 2023 recorded a net decrease of pound 100.3 million, compared with a net increase of pound 123.2 million in June 2023. The annual growth rate stood at -1%, compared with -1.2% in June 2023. The outstanding amount of total loans reached pound 25 billion in July 2023.

CBC notes that the term "net decrease/increase" represents the term "transactions", and it does not include the changes resulting from reclassifications, exchange rate and other adjustments.

Source: Cyprus News Agency