BUSINESS

Russian deposits down by 5 billion in Cyprus as banks close 20,000 accounts

TAGS: Cyprus, Banking

More than 20,000 foreign accounts have been closed by Cypriot banks since 2014 as a result of efforts to enforce the anti-money laundering directives, according to information provided by the Central Bank of Cyprus.

The decline of Russian deposits in relation to the total portfolio of the Cypriot banking industry has been halved. Russian deposits in 2014 were at 9.9 percent, while in November 2018 the sum stood at 5.5 percent of Cypriot Banks’ assets.

Considering that total deposits in Cyprus amount to roughly 50 billion Euros, a reduction of 4.5 percent to 5 percent amounts to 5 billion in capital outflows. [Kathimerini Cyprus]

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