Cyprus Business Now

The volume of credit card transactions rose by 72 per cent between September and November of 2021, according to data provided by credit card processing company JCC to the Cyprus News Agency (CNA).

The period in which the increase took place coincides with the implementation of a recently enacted piece of legislation that mandates that all companies accept cards as a means of payment.

Regarding specific categories in which the volume increase was observed, these include catering services (58 per cent), electrical and electronics stores (39 per cent), fuel sales (38 per cent), as well as hairdressers and beauty salons (35 per cent).

Overall, in 2021, card transactions in Cyprus increased by 15 per cent year-on-year, while Cypriot card transactions abroad increased by 28 per cent during the same period of time.

Card transactions reached €6.87 billion in 2021, while the same figure during the year before stood at €5.96 billion.

Transactions recorded in Cyprus include payments made with both Cypriot and foreign cards.

Finally, transactions made with Cypriot cards while in a foreign country came up to €2.04 billion in 2021, €450 million higher than 2020.

The Cyprus Agricultural Payments Organisation (Koap) said on Monday that a budget of €30 million has been allocated to a scheme aimed at attracting investments that improve the overall efficiency and sustainability of farms.

The scheme is part of Koap’s rural development programme applicable between 2014 and 2020.

“The aid is provided for investments in agricultural holdings at a rate of between 40 per cent and 75 per cent of the total eligible expenditure,” the organisation said in a statement.

In more detail, €4 million will be allocated for small investments of up to €80,000; €15 million for investments in the sheep and goat sector; while €11 million will be channelled to other high-priority sectors.

The Cyprus Stock Exchange (CSE) ended Monday, February 7 with losses.

The main Cyprus Stock Market Index was at 69.18 points at 12:55 during the day, reflecting a drop of 0.33 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 41.55 points, which represents a decrease of 0.36 per cent.

The total value of transactions came up to €58,787.28

In terms of the sub-indexes, the main index fell by 0.44 per cent, while the alternative index rose by 0.12 per cent.

The hotel and investment firm indexes remained stable.

The biggest investment interest was attracted by Hellenic Bank (-1.23 per cent), the Bank of Cyprus (-1.85 per cent), Logicom (+2.7 per cent), Salamis Tours (no change), and Petrolina (no change).