Cyprus Business Now

The amount of total deposits in the Cypriot banking system decreased in May, but still represented nearly double the amount of loans, according to a report released by the Central Bank of Cyprus (CBC) this week.

Total deposits in May 2022 recorded a net decrease (excluding changes resulting from reclassifications, exchange rate and other adjustments) of €166.9 million.

It had recorded a net increase of €146.5 million at the end of the previous month.

Total deposits in May amounted to €50.7 billion, with the annual growth rate standing at 1.9 per cent, compared with 2.9 per cent in April 2022.

Moreover, total loans in May 2022 recorded a net increase of €121 million, compared with a net increase of €64.5 million in April 2022.

The annual growth rate stood at 3.3 per cent, a rise of 0.6 per cent month-on-month.

Finally, the outstanding amount of total loans stood at €28.1 billion in May 2022.

The Industrial Production Index reached 126 units In April 2022 (base 2015=100), recording an increase of 0.6 per cent year-on-year, according to a report by the Cyprus Statistical Service released on Thursday.

The manufacturing sector registered an increase of 0.2 per cent compared to April 2021.

An increase of 19.7 per cent was also observed in the sector of water supply and materials recovery, combined with a 1 per cent increase in electricity supply.

The mining and quarrying sector grew by 13.1 per cent year-on-year.

The most significant positive annual changes were observed in the manufacturing of textiles, wearing apparel and leather products, with an increase of 54.5 per cent, followed by furniture and the repair and installation of machinery and equipment with 13.6 per cent.

The most significant negative changes were observed in the manufacturing of electronic, optical products and electrical equipment, which recorded a 33 per cent decrease, as well as paper, paper products and printing with a decrease of 17 per cent.

Furthermore, for the period between January and April 2022, the index rose by 3.8 per cent year-on-year.

The Cyprus Securities and Exchange Commission (CySEC) on Thursday welcomed the approval by the cabinet of ministers to adopt the national strategy of promoting financial literacy and education.

“Financial literacy is crucial, especially in this internationalised environment in which capital markets operate,” the commission said in a statement.

The commission added that the introduction of complex financial products and services, the fast pace of capital markets, as well as their volatility and rapid evolution, increase both opportunities and risks for investors.

CySEC noted that it was a part of the ad-hoc committee that helped to draft Cyprus’ national strategy designed to promote and encourage financial literacy.

Finally, the commission also said that it has repeatedly and strongly supported the formulation of a national strategy to tackle financial illiteracy in Cyprus in an effective and orderly manner.

The Cyprus Stock Exchange (CSE) ended Thursday, June 30 with profits.

The general Cyprus Stock Market Index was at 68.54 points at 13:12 during the day, reflecting a rise of 0.18 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 41.02 points, which represents an increase of 0.17 per cent.

The total value of transactions came up to €20,041.

In terms of the sub-indexes, the main index rose by 0.47 per cent, while the alternative index fell by 0.62 per cent.

The investment firm and hotel indexes remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (+1.96 per cent), Logicom (-0.56 per cent), the Cyprus Cement Company (-3.08 per cent) and KEO (no change).