Cyprus Business Now

The Bank of Cyprus on Friday announced that it is now offering a 25-year fixed interest rate for its mortgage customers.

According to the statement, this new option aims to provide stability to customers who seek to acquire a home or renovate their current property.

The 25-year fixed rate option is not limited to first home ownership but also includes home renovation financing and the purchase or renovation of a holiday home.

Customers can “lock in” their interest rate and instalment for a full 25 years, leaving their instalment unaffected even if there are any changes in interest rates.

The bank explained that this allows customers to plan their family budgets with greater ease and confidence. However, fees apply if the loan is paid off early.

The Bank of Cyprus has also been offering lending options with fixed interest rates of 3, 5, or 10 years to customers who wish to acquire their own first residence, holiday home or proceed with a renovation project.

The repayment period for a first home or holiday home can reach up to 35 years, as the interest rate becomes variable after the end of the fixed interest period.

Employment in the government sector decreased by 2.7 per cent in April 2023, a drop of 1,432 people, compared to the same period the previous year, totalling 52,498 employees, according to the Cyprus Statistical Service.

The Statistical Service attributed this decline mainly to the transfer of hourly staff from the Ministry of Health to the State Health Services Organisation, which is now part of the general public sector since January 2023.

The decrease in employment was observed in permanent staff, which declined by 2.8 per cent, a drop of 719 people, from 26,032 to 25,313 individuals.

In contrast, temporary staff increased by 4.6 per cent, a rise of 893 people, from 19,556 to 20,449 individuals, during the same period in April 2022.

Moreover, the Statistical Service noted that all categories of permanent staff experienced a decrease, while all categories of temporary staff recorded an increase, with the most significant changes in the permanent staff of the Public and Educational Service, showing a decline of 2.9 per cent.

The temporary staff of the Public Service showed the highest increase, with a 5.6 per cent rise. Additionally, hourly staff experienced a decline of 19.3 per cent.

Finally, in March 2023, government employment increased by 0.8 per cent compared to the previous month, with the temporary security forces recording the highest increase of 2.9 per cent.

Kition Ocean Ports Ltd, the company which manages Larnaca port, has been awarded three ISO certificates for their exceptional quality management system, occupational health and safety management system, and environmental management system.

According to the company’s announcement, the Director of the Port of Paris Demetriou said that “the quality of services at the port of Larnaca is based on international standards”.

“We are focused on providing our customers with high standard services, showing the level we want to reach,” added.

Moreover, Demetriou said that “the ISO that the port received is for quality management, occupational health and safety management system and environmental management system. This demonstrates that we have the will to constantly upgrade the quality of our services, so that it is comparable to international practice and the standards provided by all ports internationally”.

The statement went on to say that “Kition Ocean Ports Ltd assures that it will continue to maintain quality in health, safety and environment and will pursue excellence in its annual certification”.

“We have the sensitivities and reflexes needed for such a large project as the port of Larnaca and we are not lagging behind any of the other European ports,” the announcement concluded.

The Cyprus Stock Exchange (CSE) ended Friday, May 12 with profits.

The general Cyprus Stock Market Index was at 108.80 points at 13:15 during the day, reflecting an increase of 0.62 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 65.82 points, representing a rise of 0.63 per cent.

The total value of transactions came up to €159,466.

In terms of the sub-indexes, the main and alternative indexes rose by 0.67 per cent and 0.14 per cent respectively.

The hotel index remained stable while the investment firm index fell by 0.94 per cent.

The biggest investment interest was attracted by Vassiliko Cement Works Public Company (+0.74 per cent), the Bank of Cyprus (-0.4 per cent), Hellenic Bank (+2.57 per cent), Louis PLC (-2.89 per cent), and Petrolina Holdings (no change).