Cyprus Business Now

Cyprus’ trade deficit recorded an annual increase of €715.1 million during the first nine months of 2021 according to the Cyprus Statistical Service (Cystat).

Based on Cystat’s report, the trade deficit increased by €715.1 million year-on-year, reaching a total of €3.987.6 billion.

The total imports of goods from European Union member states, as well as from third countries, increased to €688.3 million in August 2021.

This represents an increase of 38.5 per cent over last year’s August figure of €496.9 million.

Moreover, exports of foreign products rose to €175.6 million in August, 80.3 per cent up from last year’s total of €97.4 million.

The Cyprus Banks Borrowers Protection Association (Syprodat) has cautioned that the process for the restructuring of loans is too time consuming and burdens the borrowers with additional charges.

In a press release released on Wednesday, the association said that banks and financial institutions must show significant flexibility with restructurings.

Syprodat added that a specific repayment plan must be proposed with the ultimate goal being to make the loan viable without needlessly burdening the borrowers with supplementary charges.

“As we can see from the borrowers’ complaints, credit institutions do not take into account the difficult economic conditions borrowers face, the majority of which have been significantly affected by the pandemic,” the association said.

The Cyprus Stock Exchange (CSE) ended Wednesday, November 10 with losses.

The main Cyprus Stock Market Index was at 65.56 points by 13:14 during the day, reflecting a drop of 1.19 per cent over the previous day.

The FTSE / CySE 20 Index was at 39.19 points, representing a decrease of 1.19 per cent. The total value of transactions came up to €39,063.46.

In terms of sub-indexes, the main index fell by 1.56 per cent, while the alternative index also fell by 0.84 per cent.

The investment firm index experienced the sharpest drop, falling by 4.59 per cent. The hotel index remained stable.

The biggest investment interest was attracted by Vassiliko Cement Works (+0.76 per cent), Hellenic Bank (-0.97 per cent), Tsokkos Hotels Public (-0.53 per cent), Demetra (-5.05 per cent) and Salamis Tours (-9.81 per cent).