Cyprus Business Now

Deputy Minister of Tourism Kostas Koumis this week announced that the Cabinet of Ministers has decided to establish a new tourism promotion agency, with the goal of boosting Cyprus’ tourism sector efforts.

According to a statement, the new agency will operate in close cooperation with the private sector.

The role of the agency, he said, “will be purely advisory regarding the formulation of policies and promotional actions for our country as a tourist destination”.

In addition, he explained that the agency will involve the presidents or representatives of numerous professional associations related to tourism.

“Depending on the topics to be discussed in the agency’s sessions, representatives of other bodies may also be invited”, he stated.

“It is noteworthy that it is the first time the private sector will participate, institutionally, in the planning of the country’s promotional activities,” Koumis added.

Regarding Cyprus’ performance in the tourism sector, Koumis noted that in the first quarter of 2023, there was an increase of approximately 37.9 per cent in arrivals compared to the previous year and a 7.3 per cent increase compared to 2019.

When asked about indications about how the summer season will turn out, he said that “it is still early”, before noting that “we are optimistic about a strong performance”.

According to an announcement released this week by the Cyprus Statistical Service (Cystat), the value and volume of retail trade in Cyprus experienced a significant yearly increase in April 2023.

Specifically, the Retail Trade Value Index increased by 11.2 per cent in April 2023 compared to the same month in 2022.

During the same period, the Retail Trade Volume Index also saw a substantial growth of 8 per cent compared to the corresponding month of the previous year.

Furthermore, in the first four months of 2023, the Retail Trade Value Index recorded a notable increase of 13.3 per cent compared to the same period last year.

Similarly, the Retail Trade Volume Index recorded a rise of 8.1 per cent during the first quarter of 2023, in comparison to the corresponding quarter of 2022.

The Cyprus Chamber of Commerce on Friday announced that a meeting was held between the Association of Cyprus Electronic Money and Payment Institutions (ACEMPI) and the Central Bank of Cyprus (CBC).

During the meeting, which took place on Wednesday, May 31, the association briefed CBC governor Constantinos Herodotou, as well as officials from the relevant supervisory department of the Central Bank of Cyprus, on the association’s actions aimed at the development of the sector, as well as the protection and representation of the professional interests of its members.

Association president Ioannis Georgoulas said that the meeting was constructive and expressed hope for close cooperation with the Central Bank of Cyprus.

During the meeting, the role and responsibilities of the Central Bank of Cyprus in supervising electronic money institutions and payment institutions were also discussed, as well as the expectations of the Central Bank of Cyprus from its supervised institutions, particularly within the context of the sanctions recently imposed by the European Union, the United Nations, and other countries.

Finally, it was agreed to maintain ongoing communication and exchange of views between the association and the Central Bank of Cyprus.

The Cyprus Stock Exchange (CSE) ended Friday, June 2 with profits.

The general Cyprus Stock Market Index was at 110.07 points at 13:34 during the day, reflecting an increase of 0.47 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 66.57 points, representing a rise of 0.47 per cent.

The total value of transactions came up to €29,253.

In terms of the sub-indexes, the main and alternative indexes rose by 0.49 per cent and 0.21 per cent respectively, while the remaining indexes did not present any changes.

The biggest investment interest was attracted by the Bank of Cyprus (+1.15 per cent), Hellenic Bank (+0.28 per cent), Louis (no change), the Cyprus Cement Company (+1.59 per cent), and Demetra (no change).