Cyprus Business Now

The Central Bank of Cyprus (CBC) on Monday released a report on household debt in Cyprus, with the current figure standing at €20.1 billion at the end of June 2022, with the debt ratio reaching 81 per cent of Gross Domestic Product (GDP), marking a slight decrease compared to the previous quarter, something attributed to GDP growth.

Compared to December 2016, the household debt index shows a noticeable decrease, falling by 35 per cent since then.

Household assets in financial instruments amounted to €58.5 billion at the end of June 2022, of which 62 per cent concerns cash, deposits and loans, 2 per cent concerns securities, 19 per cent shares and 17 per cent other financial assets.

The corresponding assets of non-financial companies amounted to €66 billion with a ratio of 17 per cent in cash and deposits, 4 per cent in loans, 1 per cent in securities, 47 per cent in shares and 31 per cent in other financial assets.

Sector debt at the end of June 2022 amounted to €40.1 billion, with the debt ratio standing at 161 per cent of GDP, reflecting a slight decrease compared to the previous quarter, mainly due to the increase in GDP.

Compared to December 2016, the debt ratio of non-financial companies shows a noticeable decrease, having dropped by 51 per cent.

Insurance company assets, in terms of purely financial instruments, amounted to €4.1 billion, with 12 per cent being in cash and deposits, 3 per cent in loans, 24 per cent in securities, 48 per cent in shares and 13 per cent in other financial data.

Accordingly, investment institutions have assets in financial instruments to the tune of €8.1 billion, 5 per cent of which is invested in cash and deposits, 13 per cent in loans and securities, 80 per cent in shares and 2 per cent in other financial assets.

Finally, investments in financial instruments relating to pension funds amounted to €3.9 billion and primarily concern cash and deposits with a share of 25 per cent, followed by 16 per cent in loans, 2 per cent in securities, 44 per cent in shares and 13 per cent in other financial assets.

The CFA Society Cyprus (Chartered Financial Analyst) on Monday announced that it has received the CFA Institute’s Most Outstanding Society Award for 2022 amongst its peers in the category ranging between 150 and 349 members.

CFA Society Cyprus was founded in 2003 and acts as the local representative of the CFA Institute in Cyprus, boasting more than 200 members. The global membership of the CFA Institute counts approximately 200,000 members in its ranks.

The society received the award during the CFA Society Leadership Conference for Europe, the Middle East and Africa region (EMEA).

The conference, which took place between October 21-22 in Vienna, Austria, saw the CFA Society Cyprus take part in a number of activities, allowing it to showcase Cyprus’ domestic financial community and its actions, particularly those pertaining to financial education.

Moreover, the CFA Institute presented its business plan for the coming years, which focuses on bolstering the credibility and professionalism of the chartered financial analyst designation around the world.

“It is an honour for the Association of Financial Analysts of Cyprus to be awarded such an important international distinction, which acknowledges and rewards our achievements and initiatives,” CFA Cyprus vice president Zenon Papaphilippou said in a statement.

“At the same time, it reaffirms the hard work and dedication of all our members, which is why I express special thanks to the current and previous members of the CFA Society Cyprus’ board of directors, for producing such a multifaceted body of work,” Papaphilippou concluded.

The Cyprus Stock Exchange (CSE) ended Monday, October 31 with profits.

The general Cyprus Stock Market Index was at 76.69 points at 13:11 during the day, reflecting a rise of 0.96 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 46.08 points, which represents an increase of 1.01 per cent.

The total value of transactions came up to €39,871.

In terms of the sub-indexes, the main and investment firm indexes rose by 1.65 per cent and 1.44 per cent respectively. The alternative index fell by 0.1 per cent, while the hotel index remained stable.

The biggest investment interest was attracted by Hellenic Bank (+4.04 per cent), the Bank of Cyprus (+0.71 per cent), K&G Complex (no change), Logicom (no change), and Demetra (+1.52 per cent).