Cyprus October Bank Deposits Decline 0.2% to $93 Billion

Nov. 28 (Bloomberg) - Deposits in Cyprus’s banks fell 0.2 percent to 69.7 billion euros ($93 billion) in October compared to the prior, the Central Bank of Cyprus said.

The decrease was the third consecutive monthly decline and showed a 3.5 percent drop in deposits owned by non-financial companies based outside the euro area to 12.4 billion euros, the central bank said in a statement on its web site today. Overall deposits belonging to residents of the east Mediterranean island rose 0.6 percent to about 44 billion euros.

Total loans rose 0.3 percent in October to 67.8 billion euros compared to the prior month, mainly reflecting a 6.2 percent increase in loans taken by non-financial companies based outside the euro area, the statement said.

To contact the reporter on this story: Stelios Orphanides in Athens at sorphanides@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net