Cyprus Business Now

Total deposits in Cyprus recorded a net increase of €357.1 million in February 2023, compared to the previous month, with their balance amounting to €51.9 billion, according to a report released this week by the Central Bank of Cyprus (CBC).

According to the report, deposits recorded a net decrease of €583.8 million in January 2023, on a monthly basis, and stood at €51.4 billion.

Moreover, compared to February 2022, deposits increased by €413 million.

The annual rate of change came in at 0.3 per cent, compared to a negative rate of 0.1 per cent in January 2023.

In addition, total loans recorded a net increase of €81.2 million in February 2023, compared to a net decrease of €93.2 million in January 2023.

The annual rate of change was a contraction of 0.7 per cent, compared to a decline of 0.9 per cent in January 2023. The balance of total loans reached €25.1 billion in February 2023.

Finally, liquidity in the system at the end of February, which refers to the difference between deposits and loans, amounted to €26.8 billion.

The Cyprus Shipping Chamber (Kne) this week released a statement welcoming the provisional agreement reached on March 23 between the European Parliament and the EU Council on the FuelEU Maritime framework.

As mentioned in the statement, this agreement is another positive step towards creating the right conditions for the shipping sector’s energy transition efforts.

Moreover, the chamber noted that the agreement sends a strong political message and provides clear climate targets and guidance for the industry on the fuels that can be used in the future.

It is also noted that in order to achieve these goals, it is important that the framework encourages the production of clean fuels and for the first time provide a leading role to fuel suppliers.

“The chamber has always supported the important role of fuel suppliers as a necessity for the success of the FuelEU framework,” the announcement said.

However, the chamber explained that stricter requirements are now necessary for fuel suppliers to deliver the necessary quantity of clean fuel.

“We, therefore, urge EU regulators to support binding targets for suppliers of clean marine fuels in the revised Renewable Energy Directive (RED),” the chamber said.

Finally, the chamber stated that it is necessary to ensure specialised, clean and safe fuels for the shipping industry in EU ports, in order to ensure the uninterrupted flow of supplies and the viability of shipping SMEs.

The Cyprus Stock Exchange (CSE) ended Wednesday, March 29 with losses.

The general Cyprus Stock Market Index was at 104.82 points at 13:28 during the day, reflecting a decrease of 0.57 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 63.33 points, representing a drop of 0.58 per cent.

The total value of transactions came up to €19,394.

In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 0.74 per cent, 0.30 per cent and 2.70 per cent respectively, while the hotel index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-0.79 per cent), Petrolina Holdings (-1.69 per cent), Hellenic Bank (+0.31 per cent), Demetra Holdings (-2.83 per cent), and Louis (-0.58 per cent).