Cyprus Business Now

The number of bad checks registered in Cyprus in April 2023 rose to 35, according to an announcement released on Monday by the Central Bank of Cyprus (CBC).

The CBC’s data revealed that the value of these bad checks amounted to €72,466, down from €115,812 in March 2023 and €437,999 in April 2022.

The preliminary list records bad checks that have been presented for payment and have been returned unpaid due to insufficient funds in the account of the issuer or other reasons.

What is more, according to the central bank, the list includes both legal entities and individuals.

Despite the increase in the number of bad checks in April 2023, the total number of checks registered in the preliminary list for the first four months of the year has decreased to 127, compared to 130 during the same period last year.

Additionally, the value of these checks has decreased significantly, dropping from €746,220 in the first four months of 2022 to €349,160 in 2023.

Moreover, out of the 34 persons registered in the preliminary list during April, 13 were legal entities, three were individuals, and 18 were individuals controlling legal entities.

In total, 21 persons were registered on the list, with 12 being legal entities and nine being individuals.

The Industrial Business Cycle Index (BCI) experienced a 16.4 per cent year-on-year increase in February, reaching 169.6 points, with 2015 as the base year, according to a report by the Cyprus Statistical Service (Cystat).

According to the Statistical Service, for the period between January and February 2023, the index recorded an increase of 17 per cent, compared to the corresponding period of the previous year.

In the manufacturing sector, in February 2023, the index reached 166.2 points, reflecting an increase of 15 per cent compared to February 2022.

Finally, there was also an increase in the electricity supply sector, with a rise of 26.8 per cent, mining and quarrying, with an increase of 17 per cent, as well as in the water supply and material recovery sector, which grew by 2.4 per cent.

The Cyprus Stock Exchange (CSE) ended Monday, May 8 with losses.

The general Cyprus Stock Market Index was at 107.11 points at 12:41 during the day, reflecting a decrease of 0.27 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 64.82 points, representing a drop of 0.23 per cent.

The total value of transactions came up to €36,777.

In terms of the sub-indexes, the main, alternative, investment firm and hotel indexes all fell, dropping by 0.32 per cent, 0.55 per cent, 3.08 per cent and 1.46 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (no change), Hellenic Bank (+0.56 per cent), Demetra Holdings (-2.88 per cent), and the Cyprus Cement Company (no change).