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Cypriot Private Sector Deposits Marginally Increased

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In March, Cypriot private-sector deposits marginally increased, marking the first time since November.

Transaction deposits around southern Europe remained comparatively consistent, as reported by ECB. Cyprus' two biggest lenders that hold large accounts, were hit the hardest regarding last year's global bailout. Since June 2012, bank deposits throughout the nation have vastly decreased.

Private-sector deposits increased by 0.5% at 34.6 billion euros in March, compared to February. The revenues were approximately 32% below their 50.5 billion euro cap, in May 2012.

Cypriot financial institutions were closed for almost two weeks last March, as a result of the island's agreement to a 10-billion-euro bailout, where premier depositors were forced to offer part of the rescue revenue. Capital controls still remain that restricts account transfers. The ECB analysis does not include central government and bank deposits.