Deposits in the Cypriot banking system declined by €452.4 million in March due to the coronavirus pandemic.

This is the third consecutive monthly reduction in deposits, the balance of which amounted to €49.7 billion in March. Deposits declined by €881 million over the last three months, according to the CBC data. The biggest drop in March, of €344 million, was observed in deposits held by domestic residents. Deposits held by domestic residents amount to 81% of the total deposits.

According to the ECB, the annual change in deposits amounted to 1.2% in March compared with 1.5% the previous month. Furthermore, the CBC said that total loans in March 2020 showed a net increase of €62.5 million, compared with a net increase of €8 million in February 2020.