Cyprus’ cash reserves exceed the financing needs for 2022, the Public Debt Management Office said on Monday.

In its February bulletin, the office explained that general government debt at the end of December 2021, before the €1 billion worth of bonds issued in January, stood at €24.3 billion, significantly lower than €24.9 billion at the end of 2020.

In terms of the bond mentioned above, the office was referring to the raising of €1 billion on January 13 through the issuance of a 10-year EMTN bond with an interest rate of 0.95 per cent.

“With the latest version, the Republic of Cyprus’ cash is more than sufficient to cover all the estimated financing needs of 2022,” the office said.

 

RCB Bank announced on Monday the induction of a new member, Irena Georgiadou, to its board of directors.

Georgiadou’s position on the board of directors will be made official once it has been approved by regulators both in Nicosia and Frankfurt.

 

The total sales of petroleum products increased by 25.8 per cent year-on-year in January 2022, reaching 112,423 tons, while they decreased by more than 13 per cent month-on-month, according to a report by the Cyprus Statistical Service (Cystat).

According to the report, there was an increase in the supply of oil to aircraft (216.5 per cent) and ships (46.2 per cent), as well as on sales of kerosene (34.7 per cent), heating oil (34.1 per cent), LPG (28.6 per cent), gasoline (27.4 per cent), light fuel oil (16.3 per cent) and diesel (5.1 per cent).

Conversely, a decrease was recorded in the sales of asphalt (36.8 per cent) and heavy fuel oil (35.8 per cent).

Regarding petrol station sales, they showed an increase of 21.4 per cent to reach 54,682 tons in total.

In addition, total sales of petroleum products in January 2022, compared to December 2021, fell by 13.2 per cent.

Indicatively, sales of gasoline fell by 23 per cent, diesel by 20.7 per cent, and oil supplies to aircraft fell by 21.1 per cent.

Finally, total oil reserves at the end of January 2022 increased by 12.9 per cent, compared to the end of the previous month.

 

The Cyprus Stock Exchange (CSE) ended Monday, February 28 with significant losses.

The main Cyprus Stock Market Index was at 68.00 points at 13:23 during the day, reflecting a drop of 2.05 per cent over the previous day of trading, with monthly losses estimated at 1.7 per cent.

The FTSE / CySE 20 Index was at 40.83 points, which represents a decrease of 2.09 per cent.

The total value of transactions came up to €82,175.

In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 2.42 per cent, 1.09 per cent and 2.34 per cent.

The biggest investment interest was attracted by Vassiliko Cement Works (-2.92 per cent), Petrolina (-0.83 per cent), the Bank of Cyprus (-3.7 per cent), Hellenic Bank (-1.55 per cent) and KEO (-1.49 per cent).