Cyprus’ bank deposits increased in 2016 for the first time after four years according to data released by the Central Bank of Cyprus, on Friday. The outstanding amount of deposits reached €49,0 billion in December 2016. Deposits in Cyprus banks stood at €70,1 billion in 2012 and dropped to €46,9 in 2013, according to the data. The total deposits in December 2016 recorded a net decrease of €74,9 million, compared with a net increase of €358,0 million in November 2016. The annual growth rate stood at 6.2 per cent compared with 6.8 per cent in November 2016. Total loans in December 2016 exhibited a net decrease of €98,0 million, compared with a net decrease of €29,1 million in November 2016. Nevertheless, the outstanding amount of loans increased by €1,3 billion in December 2016 and reached €55,2 billion, due to reclassification, revaluation, exchange rate or other adjustments. The annual growth rate stood at -11.0%, compared with -10.4% in November 2016. Source: CNA
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