Cyprus Business Now

The Public Debt Management Office has reported that the total amount of public doubt is expected to decrease to €24.1 billion by the end of 2021.

The office added that the government has enough cash reserves to cover all of its financial needs for both 2021 and the majority of 2022.

Public debt stood at €24.8 billion at the end of August, an amount approximately the same as that reported at the end of the previous year.

The office also noted that long-term bond yields have been on an upward trajectory since last August.

This has been attributed to the European Central Bank’s (ECB) forecasting on interest rates, the response to the latest developments in European economies and the rising inflation.

The Cyprus Investment Promotion Agency (Invest Cyprus) carried out targeted meetings with businesspeople of the Middle East and the Persian Gulf as part of its strategy to promote Cyprus in the region.

“The United Arab Emirates, Saudi Arabia, Lebanon, Jordan, Bahrain, Kuwait, Qatar consist a region with endless opportunities for our country,” Invest Cyprus George Campanellas said in a press release.

“Therefore, as the state’s investment promotion agency, we are exerting continuous efforts, while leveraging our excellent bilateral relations, which have been significantly upgraded over the past few years,” he added.

On the occasion of the commencement of the EXPO 2020 in Dubai, an Invest Cyprus delegation headed by Campanellas held separate meetings with family offices, private equity firms and business people, to whom he outlined Cyprus’ current economic environment and potential investment opportunities.

The Cyprus Stock Exchange (CSE) ended Thursday, October 7, with losses.

The main Cyprus Stock Market Index was at 66.51 points by 13:18 during the day, reflecting a decrease of 0.31 per cent over the previous day.

The FTSE / CySE 20 Index was at 39.74 points, representing a drop of 0.33 per cent. The total value of transactions came up to €27,255.25.

In terms of sub-indexes, the main index fell by 0.69 per cent, while investment firms and the alternative index rose by 0.46 per cent and 0.22 per cent respectively.

The biggest investment interest was attracted by Atlantic Insurance (€7,800 worth of trades, change), Louis (€6,850 worth of trades, -6.16 per cent), Bank of Cyprus Holdings (€6,764.57 worth of trades, -0.49 per cent), Hellenic Bank (-1.2 per cent) and Petrolina Holdings (€1,575 worth of trades, no change).