ECONOMY

Cypriot deposit outflow rate eases in September

Consumers and companies withdrew deposits in September at a slower pace than in previous months from banks in Cyprus, where big account holders in the two largest lenders were forced to take a hit as part of an international bailout.

Private sector deposits fell by 1 percent to 35.56 billion euros after a 2.1 percent fall in August, European Central Bank data showed on Friday.

They had peaked at 50.5 billion euros in May of last year and have now lost almost 30 percent of their deposit base in just 17 months, hitting the lowest level since May 2008.

[Reuters]