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Deposits in Cypriot banks rise by 6.8 pct in November

Xinhua, December 31, 2016 Adjust font size:

The total deposits in Cypriot banks rose by 6.8 percent in November from a year ago, said a statement released Friday by the Cyprus Central Bank.

Deposits from non-eurozone citizens decreased by 19.6 percent to 9.4 billion euros (9.88 billion U.S. dollars), while those from Cypriots and other eurozone residents increased by 10 percent, representing a rise of 3.4 billion euros (3.57 billion dollars) from a year ago.

The deposits by third-country nationals saw a dramatic decline from the period before the 2013 crisis when foreign deposits formed the largest single part of total deposits in the Cypriot banking system.

Under a 10-billion-euro (10.5-billion-dollar) bailout of the Cypriot economy in 2013, the Cypriot banking system has been forced to undergo resolution and recapitalize by turning 47.5 percent of unsecured deposits worth over 100,000 euros (about 105,130 dollars) into bank stock.

Analysts say the yearly increase in domestic deposits signifies that trust in Cypriot banks has been restored. Endi