Deposits at Cypriot banks fell by EUR 1.8 billion in March, when the country was asked to impose an unprecedented tax on individual deposits as part of the EU-led bailout.
Deposits fell 3.9 percent from February, data from the European Central Bank showed Friday.
In March, ECB and the International Monetary Fund, along with Cypriot authorities agreed to impose a levy on deposits at Cypriot banks as part of a EUR 10 billion bailout deal.
However, the plan was dropped after the Parliament rejected it and new plan was framed imposing tax only on deposits above EUR 100,000. The latest plan also included winding down of the country's second largest bank, Laiki.
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