Government’s deposits rise to €891m in January

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By Stelios Orphanides

The central government’s funds deposited at the Central Bank of Cyprus rose last month to €891.3m from €427.3m in December, the bank supervisor said.

In January, the size of the central bank’s balance sheet fell to €16.4bn from €16.5bn the month before, the bank supervisor said. The reduction was mainly on a decline in liabilities to other banks in the euro area related to monetary policy operations.

The central government’s deposits at the Central Bank of Cyprus fell significantly in November after it made a €614.9m payment against its loan from the central bank, which currently stands at €510.9m. The general government’s deposits at commercial banks stood in December at below €1.1bn.

The Cypriot government is expected to start repaying the first instalment of €312.5m against the €2.5bn loan from Russia as early as next month. The next payment is scheduled in September.

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About Author

Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]

  • Cydee

    €2.5b owing to Russia??? Is this where all the Limassol high-rises are coming from?

    • a.s.e

      Christophias took the loan trying to convince everybody Cyprus didn’t need the IMF to intervene and we could manage alone.
      He presented it as a big success because of the low interest.
      He should be imprisoned without a trial