Deposits in Cypriot banks dropped by 9.96 percent or 6.34 billion euros (8.37 billion U.S. dollars) in April compared to March despite strict controls on domestic banks, according to data released by the Central Bank of Cyprus on Thursday.

The outflow of deposits on a yearly basis is even higher, having reached 19.8 percent or 14.23 billion euros compared to April 2012.

Restrictions on transfers of money outside Cyprus are in force for local banks, but 14 out of about 27 foreign banks operating on the island have been recently excluded from controls imposed when the Eurogroup and the IMF forced major depositors to take a sizeable loss on their deposits of over 100,000 euros as part of the recapitalization of Bank of Cyprus, the biggest lender in the island.

The central bank said the reduction of deposits during the first months of 2013 is due to an outflow of deposits owned by the eurozone, third-country and Cyprus residents alike.

Total deposits in banks operating in Cyprus stood at 57.36 billion euros compared to over 73 billion euros before a near meltdown of the island's banking system took place in March forcing its restructuring. (1 euro = 1.32 U.S. dollars)