Deposits at Cypriot Banks Fell 0.6% in March, Central Bank Says
Cypriot bank deposits dropped in March to 68.7 billion euros ($101.6 billion) after a sovereign- debt rating cut by Moody’s Investors Service by two notches to A2 in February, the Central Bank of Cyprus said.
Total deposits at the eastern Mediterranean island’s banks declined 0.6 percent, or by 397.8 million euros, from February and 1.8 percent, or by 1.2 billion euros, from Dec. 31, the Nicosia-based central bank said in a statement on its website today. It was the third drop in deposits in as many months.
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