Cyprus Sees Strong Deposit and Loan Growth in August with Annual Credit Expansion
In August, Cyprus experienced notable increases in both deposits and loans, according to data released by the Central Bank of Cyprus. Total deposits grew by €171.5 million to reach €59.3 billion, supported mainly by a €175.3 million rise in deposits from Cyprus residents, especially non-financial corporations. Although household deposits slightly declined, the annual deposit growth rate increased to 6.5% from 6.2% in July.
On the lending side, total loans rose by €114.6 million, reversing the previous month's decline, with the outstanding loan stock hitting €28.5 billion. Annual loan growth accelerated to 11.8%, up from 11.1% in July. Loans to Cyprus residents increased by €36.5 million, led by higher lending to households and non-financial corporations. However, loans to other domestic sectors decreased slightly.
These figures reflect a strengthening credit market in Cyprus amidst ongoing economic activity, signalling increased borrowing and deposit accumulation in key domestic sectors.
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