Cyprus Business Now

There was a net increase of €173.7 million in total deposits and a net decrease of €100 million in total loans in August 2022, according to a report released on Tuesday by the Central Bank of Cyprus (CBC).

Total deposits in August recorded a net increase of €173.7 million, compared to a net decrease of €183.9 million in July.

The annual rate of change came in at 0.6 per cent, compared with 1.3 per cent in July. The balance of deposits in August reached €51.5 billion.

Conversely, total loans in August recorded a net decrease of €100 million, compared to a net decrease of €162.7 million in July.

The annual rate of change came in at 2 per cent, compared with 1.9 per cent in July. The balance of total loans in August reached €28.5 billion.

Minister of Energy, Commerce and Industry Natasa Pilides reiterated this week that the Cyprus government aims to boost businesses modernisation, competitiveness and extroversion, for which it is planning to use more than €585 million, drawn from both national European Union funds.

Pilides’ comments during an event hosted by the Employers and Industrialists Federation (Oev).

Moreover, the minister noted that a significant part of these funds is provided in the form of incentives to both businesses and industrial enterprises, spurring them to proceed with implementing the necessary investments across a number of fields, including new technologies, digital infrastructure, as well as green and circular economy practices.

In addition, Pilides said that the ministry has taken major efforts to improve its schemes in recent years, allowing it to better respond to the needs of Cypriot businesses.

Among the schemes that Pilides mentioned were the subsidy schemes amounting to €130 million, which were launched in 2021, as well as a scheme that will be provided to businesses this year, with a total budget in excess of €200 million.

Pilides noted that these schemes include two subsidy schemes for businesses’ energy efficiency, with a total budget of €40 million.

The scheme is currently open for applications, alongside the digital upgrade scheme, which will be launched soon, with a total budget of €10 million.

The Cyprus Stock Exchange (CSE) ended Tuesday, September 27 with significant losses.

The general Cyprus Stock Market Index was at 74.20 points at 13:42 during the day, reflecting a drop of 3.02 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 44.51 points, which represents a decrease of 3.05 per cent.

The total value of transactions came up to €104,969.

In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 3.73 per cent, 0.17 per cent and 3.53 per cent respectively. The hotel index remained stable.
The biggest investment interest was attracted by the Bank of Cyprus (-8.2 per cent), Hellenic Bank (-1.03 per cent), the Cyprus Cement Company (+1.79 per cent), Pandora (-9.72 per cent), and Petrolina (no change).