Bank deposits in Croatia reached HRK 251.8 billion at the end of May 2016, an increase of HRK 10.9 billion or 4.5% over May 2015, according to the latest figures from the Croatian National Bank (HNB).

Total deposits, which consist of deposit money and term and savings deposits in kuna and foreign currencies, rose by HRK 1.9 billion or 0.8% from April 2016 after decreasing for five months, analysts at Raiffeisenbank Austria (RBA) noted in their comment on the HNB report.

The monthly rise in deposits was fuelled by increases in deposit money and kuna savings and time deposits, which reached HRK 35.7 billion at the end of May 2016, increasing by 0.3% from April 2016 and by 3.5% from May 2015.

Foreign currency deposits rose to HRK 165.5 billion. They fell by HRK 796 million or 0.5% from April 2016 but increased by HRK 2.9 billion or 1.8% compared with May 2015.

Given that foreign currency deposits account for 82% of all savings and time deposits, the year-on-year appreciation of the kuna against the euro by 1.2% subdued the annual rise of kuna deposits, the RBA analysts said.

Broken down by sector, household savings and term deposits, which account for about 81% of all deposits, totalled HRK 163.7 billion at the end of May. They stagnated compared with April, while on the annual level they dropped for the fourth consecutive month, by HRK 1.6 billion or 1%.

Corporate savings and time deposits decreased by HRK 824 million or 2.7% from April to HRK 29.4 billion in May. Compared with May 2015, they rose by HRK 6.6 billion or 29.2%. The rise was partly due to the sale of the TDR tobacco factory and the depositing of the money in banks, the RBA analysts said.

(EUR 1 = HRK 7.473150)

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