Cyprus Business Now

Cyprus Securities and Exchange Commission (CySEC) chairman George Theocharides was appointed in the position of Chairman of the Committee for Economic and Markets Analysis (CEMA) of the European Securities and Markets Authority (ESMA) on Thursday.

The appointment was confirmed by the European Central Bank (ECB).

According to the announcement, the Committee on Economic and Market Analysis contributes to ESMA’s mission, monitoring financial market developments, assessing systemic risks, providing a financial background analysis for ESMA’s overall tasks.

This includes the creation of regular reports on trends, potential risks and vulnerabilities in the European Union’s financial markets, both across borders and by sector.

Theocharides said he felt honoured by the appointment, saying that it “reflects Cyprus’ continued commitment to contributing to the healthy development of financial markets in Europe, encouraging innovation and ensuring investor protection”.

Theocharides’ term will come to an end on December 31, 2022.

Despite the largest percentage increase in exports from imports, Cyprus’ trade deficit increased by €349 million in 2021, compared to 2020, reaching €5.24 billion in total, with the European Union being the main source of goods to Cyprus, with a share of €5.51 billion of total imports.

According to the Cyprus Statistical Service (Cystat), the country’s trade deficit amounted to €5.24 billion during the period between January and December 2021, compared to €4.89 billion in the corresponding period of 2020.

The total imports of goods, from both EU member states and third countries, for the period between January and December 2021 stood at €8,53 billion compared to €7.64 billion recorded during the corresponding period in 2020, reflecting an increase of 11.6 per cent.

The total exports of goods, again to both EU member states and third countries, for the period between January and December 2021 stood at €3.28 billion compared to €2.74 billion for the same period in 2020, an increase of 19.7 per cent.

The Cyprus Stock Exchange (CSE) ended Thursday, March 24 with losses.

The main Cyprus Stock Market Index was at 65.47 points at 12:39 during the day, reflecting a drop of 0.67 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 39.34 points, which represents a decrease of 0.63 per cent.

The total value of transactions came up to €38,132.

In terms of the sub-indexes, the main and alternative indexes fell by 0.81 per cent and 0.03 per cent respectively, while the hotel index also fell by 0.15 per cent.

The investment firm index remained stable.

The biggest investment interest was attracted by Vassiliko Cement Works (no change), the Bank of Cyprus (-2.72 per cent), the Cyprus Cement Company (no change), Logicom (+0.52 per cent) and Lordos United (-2.22 per cent).