Cyprus Business Now

The domestic bonds issued by the Republic of Cyprus started 2023 with an increase, reflecting ongoing high inflation and the upward trend of key interest rates that is currently prevailing across the world.

According to an announcement released on Wednesday by the Public Debt Management Office, during the first 13-week 2023 Treasury Bill auction, held on January 23, bids of a total value of €39.1 million were accepted.

These had a weighted average yield of 2.70 per cent, compared with the weighted average yield of the December 2022 auction at 2.36 per cent.

Bids totalling €66.1 million were received during the auction, with the announced issue amount being €50 million. Acceptable yields ranged between 2.64 per cent and 2.75 per cent, according to the office.

It is noted that 13-week T-bill yields have recorded a positive return since June 2022 and have continued their upward trend since then, pushed higher by high inflation and rising key interest rates.

Treasury Bills are short-term loans and are one of the domestic financial instruments of the Republic of Cyprus and are usually renewed by domestic investors, primarily banks.

The Nicosia regional board of tourism (Etap) this week issued a statement congratulating the various Cypriot businesses who received the ‘Taste Cyprus Delightful Journeys’ certification.

According to the announcement, businesses were awarded on the sidelines of an event held by the Deputy Ministry of Tourism, with the aim of rewarding businesses that stood out in the promotion of Cypriot gastronomy.

The businesses in question involve a number of workshops, including Santa Irene from Farmakas, Ta Glyka Tis Elenis from the same village, Bakali traditional products from Nicosia, Nutzz Shop from Makedonitissa, as well as Theoklitos Zorpas – O Athienitis from Strovolos.

The ‘Taste Cyprus Delightful Journeys’ certification seeks to identify and acknowledge Cyprus’ gastronomy ambassadors, including, among others, restaurants, taverns and leisure centres within hotel units, visitable production units of local food products, as well as shops selling local food products.

As stated in the announcement, the benefits of the certification include the acquisition of a recognisable, reliable and competitive promotion tool, national and international exposure through actions of the Deputy Ministry of Tourism, as well as information on programmes and funding opportunities.

Those interested can find more information at the following link https://tastecyprus.com.cy

The Cyprus Stock Exchange (CSE) ended Wednesday, January 25 with losses.

The general Cyprus Stock Market Index was at 95.66 points at 13:21 during the day, reflecting a decrease of 0.04 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 57.75 points, representing a decrease of 0.07 per cent.

The total value of transactions came up to €94,080.

In terms of the sub-indexes, the main and investment firm indexes fell by 0.61 per cent and 1.13 per cent respectively.

The alternative index rose by 1.19 per cent, while the hotel index increased by 0.17 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (-0.51 per cent), Salamis Tours (-0.53 per cent), Hellenic Bank (-0.32 per cent), Logicom (no change), and Louis PLC (-3.70 per cent).