Cyprus Business Now

The state’s Public Debt Management Office this week explained that the interest rate risk for the debt of the Republic of Cyprus remains subdued, despite the ongoing increase in key interest rates by central banks.

This is due to the loan received from the European Stability Mechanism (ESM) in 2013 as part of the Cyprus support programme, which amounts to €6.3 billion and represents 90 per cent of the Republic’s floating interest rate debt.

The remaining 10 per cent is subject to interest rate risk, which the office will continue to monitor. It is worth noting that the debt of the Republic of Cyprus at a floating interest rate currently amounts to 30 per cent of the total debt.

“Given that the overwhelming majority of the floating-rate debt is on the ESM loan, which carries a low base rate, and considering that the rate on that loan only saw minor increases during 2022, it indicates that changes in market rates are not necessarily reflected by the same magnitude of change in the borrowing rate from the ESM,” the office said in its annual report for 2022.

“Therefore, the expected interest rate risk is moderate,” it added.

The Republic of Cyprus’ office for the out-of-court resolution of financial disputes announced this week that it is accepting expressions of interest for the appointment of a Financial Commissioner.

According to an announcement, the office’s board of directors will be formulating a recommendation to the Cabinet of Ministers based on the interested candidates.

Moreover, the announcement explained that the Financial Commissioner’s duties are defined in the Law of 2010 (84(I)/2010) on the Establishment and Operation of the Single Body for the Out-of-Court Resolution of Financial Disputes, which may be amended or replaced from time to time.

The position is full-time, and the term of office is five years, with the possibility of renewal for one more term.

It is important to note that the person holding the position of Financial Commissioner will not be allowed to carry out any other professional activity during their term of office.

Additionally, the salary and other terms of service for the position will be determined by the Cabinet of Ministers.

Interested candidates can submit their expressions of interest at the link www.jobmatch.com.cy with the position code ΧΕ/042023, accompanied by a complete and updated curriculum vitae and copies of their degrees.

The deadline for submissions is May 5, 2023.

The Cyprus Stock Exchange (CSE) ended Wednesday, April 26 with losses.

The general Cyprus Stock Market Index was at 106.69 points at 13:08 during the day, reflecting a decrease of 0.21 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 64.51 points, representing a drop of 0.23 per cent.

The total value of transactions came up to €56,730.

In terms of the sub-indexes, the main and investment firm indexes increased by 0.35 per cent and 2.88 per cent respectively.

The alternative index fell by 1.12 per cent while the hotel index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-1.65 per cent), Hellenic Bank (-1.12 per cent), Alkis H. Hadjikyriacos (Frou-Frou Biscuits) Public Ltd (no change), Logicom (+1.8 per cent), and Pandora (+2.63 per cent).