Cyprus Business Now

The Association for the Protection of Borrowers (Syprodat) this week said that the new government should engage in dialogue with Cypriot banks in order to resolve the issue of non-performing loans (NPLs).

The association issued a statement congratulating Nicos Christodoulides on his election before stressing that his government should tackle the wide range of economic issues plaguing the Cypriot people, including soaring inflation, high interest rates, rising energy costs and the increase in consumer goods.

In addition, the association said that consumers, borrowers, households and small-and-medium-sized businesses are now being called to adapt to these adverse conditions.

“The Cypriot authorities ought to monitor the market for any instances of profiteering by retail shops, something which is currently being done in Greece on a daily basis,” Syprodat said.

“The government should seek to engage in dialogue with banks in order to solve the Cypriot economy’s main problem, which is the reduction of non-performing loans,” it added, noting that a potential “fresh wave of non-performing loans cannot be endured”.

Meanwhile, the association also said that the foreclosure of properties should be avoided, stressing that this does not solve the issue of non-performing loans.

“Unfortunately, due to the criminal inaction of the outgoing government which failed to deal with the issues facing the Cypriot people, we are now left hoping that these are handled by the new government, who is called upon to provide substantial, effective and feasible solutions,” Syprodat concluded.

The total weight of products transported by road in Cyprus reached 10 million tons during the third quarter of 2022, marking an increase of 49.9 per cent, compared to the corresponding period of 2021, according to a report published on Wednesday by the Cyprus Statistical Service (Cystat).

According to the report, the weight of cargo transported by road to and from Cyprus also recorded an annual increase of 28.1 per cent during the same period, reaching 8,200 tons overall.

During the period between January and September 2022, the total weight of products transported by road within Cyprus experienced an increase of 45 per cent, compared to the corresponding period of 2021.

Finally, the weight of cargo transported by road to and from Cyprus during this time also increased by 31.2 per cent.

The Cyprus Stock Exchange (CSE) ended Wednesday, February 15 with profits.

The general Cyprus Stock Market Index was at 101.27 points at 12:34 during the day, reflecting an increase of 0.69 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 61.16 points, representing a rise of 0.69 per cent.

The total value of transactions came up to €98,125.

In terms of the sub-indexes, the main index rose by 0.88 per cent, while the alternative index fell by 0.08 per cent.

The hotel and investment firm indexes remained unchanged from the previous day.

The biggest investment interest was attracted by the Bank of Cyprus (+2.29 per cent), Hellenic Bank (no change), Atlantic Insurance (-0.62 per cent), Salamis Tours (no change), and Demetra Holdings (no change).