Cyprus Business Now

The Association for the Protection of Borrowers (Syprodat) this week called said that the government must deal thoroughly and provide immediate solutions to the problems of borrowers.

“Up until this point, the government is not exerting the pressure it should be exerting on banks and credit management companies,” the association said in a statement.

“Banks’ profits are on the rise, as can be seen from their own announcements and admissions, while borrowers continue to experience painful rises in the cost of both goods and services and are forced to pay an increased loan instalment due to the imposition of a higher interest rate in order to tackle inflation,” the association added.

What is more, the association stated that “for some time now we have been expecting substantial compensatory measures, similar to the ones enacted by the government in Greece”.

“We must not forget that the country’s economy is based on the borrowers, small and medium enterprises (SMEs), and households,” the association said.

“Cypriot borrowers are forced every day to ask for substantial support and assistance, however, borrowers are not beggars, they are just asking for what they are legally entitled to and should be provided,” it added.

Finally, the association called on borrowers to contact their bank or credit management company in order to ask for a loan restructuring agreement, within which “to negotiate rationally, with arguments”, in order to “support the notion that they should be receiving more support than they are currently given”.

In an ambitious move towards digital and green transformation, the city of Limassol is spearheading initiatives for the advancement of innovation and research in Cyprus through the establishment of the Blue Economy Innovation Centre.

According to an announcement by the municipality, this centre represents one of the city’s endeavours to become a hub for research and innovation, laying the foundation for further enhancement of entrepreneurship and the protection of coastal and marine environments.

The Blue Economy Innovation Center was recently inaugurated by President Nikos Christodoulides.

In a press release, Christodoulides emphasised that “innovation is the driving force for a successful and resilient economy, particularly for small countries like Cyprus, which lack heavy industries”.

“Innovation is a priority, and the creation of this centre will significantly bolster our efforts in this direction,” he added.

“By focusing on the Blue Economy and aiming to address challenges through the creation of a strategic ecosystem of global partnerships,” the president concluded.

The Cyprus Stock Exchange (CSE) ended Friday, May 26 with losses.

The general Cyprus Stock Market Index was at 108.67 points at 13:31 during the day, reflecting a decrease of 0.37 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 65.73 points, representing a drop of 0.36 per cent.

The total value of transactions came up to €39,899.

In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 0.27 per cent, 0.58 per cent and 0.46 per cent respectively, while the hotel index rose by 0.02 per cent

The biggest investment interest was attracted by the Bank of Cyprus (-0.77 per cent), Vassiliko Cement Works Public Company (no change), Hellenic Bank (+0.28 per cent), Atlantic Insurance (-3.33 per cent), and the Cyprus Cement Company (-1.56 per cent).