Bloomberg News

Cyprus November Bank Deposits Fall for Fourth Consecutive Month

December 29, 2011

Dec. 29 (Bloomberg) -- Cyprus’s bank deposits fell 0.9 percent in November to 69.1 billion euros ($89.1 billion), the fourth straight monthly drop, the Central Bank of Cyprus said.

Deposits by residents of the east Mediterranean island fell 1.9 percent to 43.1 billion euros from October, the Nicosia- based bank said in a statement on its website today. The drop was largely the result of a 19 percent slump in deposits held by other financial intermediaries to 2.5 billion euros.

Deposits by residents of other countries in the euro area rose 2.6 percent to 5.4 billion euros, the bank said in the statement. Deposits by people who live outside the region advanced 0.3 percent to 20.5 billion euros.

--Editors: Jennifer M. Freedman, Leon Mangasarian

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

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


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