Association for the Protection of Borrowers (Syprodat) this week welcomed the Central Bank of Cyprus’ call for tenders for a project to digitally verify the data of bank clients.

The project, which was announced by the central bank on September 1, involves the setting up of a system that will allow the digital and remote verification of current and prospective bank customer data. This process is commonly referred to as Client Digital Onboarding and Reviewing.

“With this development, borrowers will see a reduction in the waiting time for the processing of their banking transactions, as well as improved efficiency of the banking services they receive, in compliance with European regulations, the directive and code of conduct that banks are obliged to apply”, the association said in a statement.

Syprodat also mentioned Cyprus’ recent upgrading by rating agency S&P, saying that “the stabilisation of our country’s economic status is now noticeable in the midst of the negative effects due to the pandemic, the increase in inflation and the energy crisis due to the war in Ukraine”.

Based on this positive development, the association said, “we are optimistic and hope that the resolution of various issues – such as lending, debt settlement and restructuring – between banks and borrowers will now be faster and easier, since the banks will now have updated systems, and there will be no need for the time crunch that has existed until now, in their attempt to secure various documents”.

Moreover, the association stated that it now expects that the Cypriot banks will have no reason to delay responding to borrowers’ requests.

They also ask that they provide specific reasons for the rejection of any borrowers’ proposals for debt repayment or restructuring, so “that the dialogue can continue with the aim of reaching a desirable solution that will favour both sides”.

Cyprus’ trade deficit reached €4.46 billion between January and July 2022, rising by 40.95 per cent year-on-year, according to preliminary data released on Friday by the Cyprus Statistical Service (Cystat).

Total imports of goods, from both EU Member States and third countries, for the period January – July 2022 stood at €6.7 billion, compared to €4.8 billion for the same period in 2021, increasing by 38.4 per cent.

Total exports of goods, to both EU Member States and third countries, for the period January – July 2022 reached €2.2 billion, compared to €1.67 billion in 2021, reflecting an increase of 33.5 per cent.

Thus, the trade balance deficit amounted to €4.46 billion for the period January – July 2022 compared to €3.16 billion in the corresponding period of 2021.

In July, Cyprus’ total imports of goods reached €1 billion, compared to €782.3 million in July 2021, registering an increase of 31.3 per cent.

Imports from other EU Member States and third countries in July 2022 stood at €595.4 million and €432.1 million respectively, compared to €557.9 million and €224.3 million in July 2021.

Imports in July 2022 include the transfer of economic property of mobile transport equipment (ships and aircraft), with a total value of €100.7 million compared to €75.3 million in July 2021.

Total exports of goods in July 2022 stood at €416.2 million, compared to €352.1 million in July 2021, an increase of 18.2 per cent.

Exports to other EU Member States in July 2022 reached €101.3 million and to third countries €314.9 million, compared to €94.1 million and €258.1 million respectively in July 2021.

Exports in July 2022 include the transfer of economic property of mobile transport equipment (vessels), totalling €130.4 million, compared to €121.1m in July 2021.

The trade deficit in July stood at €611 million compared to €430 million in the corresponding period of 2021.

The Cyprus Stock Exchange (CSE) ended Friday, September 9 with profits, the fourth consecutive day this has happened.

The general Cyprus Stock Market Index was at 73.79 points at 12:46 during the day, reflecting a rise of 0.49 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 44.26 points, which represents an increase of 0.50 per cent.

The total value of transactions came up to €72,625.

In terms of the sub-indexes, the main index rose by 1.02 per cent, while the alternative index fell by 1.02 per cent. The hotel and investment firm indexes remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (+3.11 per cent), Hellenic Bank (+0.88 per cent), Salamis Tours (no change), Logicom (-1.15 per cent) and Petrolina (-0.93 per cent).