Cyprus bank deposits up for 1st time in 16 months

Staff Writer
Columbus CEO

NICOSIA, Cyprus (AP) — Bank deposits in bailed-out Cyprus last month rose for the first time in over a year, signaling a slow return of confidence in the country's wobbly banking sector.

Cypriot central bank statistics released Wednesday show overall deposits rose 266 million euros ($361.97 million) in April, the first net increase since December 2012.

That was mainly due to a rise in deposits by savers outside the European Union. Deposits from savers in Cyprus dropped 243.9 million euros while those in the rest of the EU fell 16 million euros.

Confidence in Cypriot banks was crushed when an international rescue plan in March last year sanctioned a raid on deposits in the country's two largest lenders.

Almost all capital controls imposed at the time to prevent a run have been lifted.