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Total deposits in the Cypriot banking system declined in May

Total deposits in the Cypriot banking system declined in May


According to a report released by the Central Bank of Cyprus (CBC) this week, total deposits in the Cypriot banking system declined in May, but still almost double the volume of loans.

Total deposits in May 2022 recorded a net decrease (excluding changes due to reclassifications, exchange rates and other adjustments) of EUR 166.9 million .

At the end of the previous month, there was a net increase of 146.5 million euros.

The total volume of deposits in May was 50.7 billion euros, and the annual growth rate was 1.9% compared to 2.9% in April 2022.

In addition, total loans in May 2022 recorded a net increase of €121 million compared to a net increase of €64.5 million in April 2022.

The annual growth rate was 3.3%, up 0.6% from the previous month.

Finally, total loans outstanding in May 2022 were € 28.1 billion .

The industrial production index reached 126 units in April 2022 (2015 base = 100), recording an increase of 0.6% year on year, according to a report from the Statistical Office of Cyprus released on Thursday.

The manufacturing sector registered an increase of 0.2% compared to April 2021.

An increase of 19.7% was also seen in the water and materials sector, coupled with a 1% increase in electricity.

The mining sector grew by 13.1% year on year.

The most significant positive annual changes were observed in the production of textiles, clothing and leather products with an increase of 54.5 percent, followed by furniture and the repair and installation of machinery and equipment with an increase of 13.6 percent.

The most significant negative changes were observed in the production of electronic, optical products and electrical equipment, where a decrease of 33 percent was recorded, as well as paper, paper products and printing, with a decrease of 17 percent.

In addition, for the period from January to April 2022, the index rose by 3.8% year on year.

The Cyprus Securities and Exchange Commission (CySEC) on Thursday welcomed the cabinet’s approval of a national financial literacy and education strategy.

“Financial literacy is critical, especially in this internationalized environment in which capital markets operate,” the commission said in a statement.

The Commission added that the introduction of sophisticated financial products and services, the rapid pace of capital markets, and their volatility and rapid evolution increase both the opportunities and the risks for investors.

CySEC noted that she was part of an ad hoc committee that helped develop a national strategy for Cyprus to promote and encourage financial literacy.

Finally, the commission also stated that it has repeatedly and strongly supported the development of a national strategy to deal effectively and in an orderly manner with the problem of financial illiteracy in Cyprus.

The Cyprus Stock Exchange (CSE) ended Thursday 30 June with a profit.

The overall Cypriot stock market index stood at 68.54 points at 13:12 during the day, reflecting an increase of 0.18% from the previous trading day.

The FTSE/CySE 20 index stood at 41.02 points, up 0.17%.

The total transaction value was 20,041 euros.

As for the sub-indices, the main index rose by 0.47%, while the alternative index fell by 0.62%.

Indices of investment companies and hotels remained stable.

Bank of Cyprus (+1.96%), Logicom (-0.56%), Cyprus Cement Company (-3.08%) and KEO (no change) attracted the highest investment interest.

Source and photo:, Editor

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