Depositors in Cyprus’s banks withdrew significant amounts of money even before the crisis over the country’s finances came to a head with this month’s bailout, central bank data show.
Some 18 per cent of the deposits held in Cypriot banks by residents of other eurozone countries were pulled out in February, according to figures published on Thursday by the Central Bank of Cyprus. Such deposits in Cyprus have fallen 41 per cent since last June to €3.9bn, the data show.
Thursday’s European Central Bank figures also showed shrinking deposits in Cyprus, with the holdings of the non-bank sector down more than 2 per cent.
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