According to the latest data published by the Central Bank of Cyprus, deposits by residents of Cyprus increased once again at the end of August. Moreover, deposits by non-financial corporations and financial intermediaries saw a significant increase in August.
In general, since March 2020, when the coronavirus pandemic appeared in Cyprus, the course of deposits in commercial banks has been recording a steady rise. All these happened during a situation which included many months of lockdown, reduced working hours, and general economic uncertainty. It seems that between March-August, the emergency measures implemented by the Cypriot government to support businesses and households were successful. Compared to the end of March, corporate deposits increased by