Cyprus Business Now

• The Public Debt Management Office announced this week the increase in interest rates for six-year government bonds for individual investors, starting with the third series (October) of 2023. Applications for these bonds will be accepted in September 2023.

According to the announcement, the bonds to be issued on October 2, 2023 (application period from September 1, 2023, to September 20, 2023) will yield higher interest rates.

The annual nominal interest rate for each specific holding period of the bond (starting October 2, 2023) will be 1.00 per cent for the first 24 months, 1.25 per cent beyond 24 months and up to 48 months, 1.50 per cent beyond 48 months and up to 60 months, and 1.75 per cent beyond 60 months and up to 72 months.
The announcement also noted that the average weighted annual interest rate, in the case of holding the bond until maturity (6 years), amounts to 1.292 per cent.

For further information, interested parties can contact the Cyprus Stock Exchange at the following number: 22712300.

• Employment in the broad public sector during the first quarter of 2023 marked an increase of 274 individuals, a rise of 0.4 per cent, compared to the corresponding quarter of 2022, with the total number of employees reaching 72,730.

According to the Cyprus Statistical Service, employment in the central government increased by 120 individuals (0.2 per cent), while in government-controlled companies and enterprises, it increased by 170 individuals (3 per cent).

However, employment in local authorities decreased by 16 individuals (-0.4 per cent).

Specifically, within the general government sector, which includes the government, non-profit organisations, and local authorities, employment totalled 66,917 individuals.

In government-controlled companies and enterprises, the employment figure stood at 5,813.

Breaking it down further, employment within the general government sector comprised 52,020 individuals in the government, 10,598 individuals in non-profit organisations, and 4,299 individuals in local authorities.

Furthermore, in comparison to the fourth quarter of 2022, employment in the broad public sector increased by 134 individuals (0.2 per cent).

An increase in employment was observed in the central government, with an addition of 223 individuals (0.4 per cent), and in government-controlled companies and enterprises, with an increase of 40 individuals (0.7 per cent).

However, employment in local authorities decreased by 129 individuals (-2.9 per cent).

As stated by the Statistical Service, employment in non-profit organisations saw an increase of 19.8 per cent and 19.1 per cent compared to the first and fourth quarters of 2022, respectively.

This increase has been attributed to the transfer of hourly-paid personnel from the Ministry of Health to the State Health Services Organisation, which took place in January 2023.

• The Harmonised Consumer Price Index increased by 3.6 per cent in May 2023, compared to May 2022, according to a report released on Friday by the Cyprus Statistical Service.

According to the report, the categories that experienced the highest year-on-year increase in May 2023 were food and non-alcoholic beverages, with a rise of 8.9 per cent, followed by housing, water, electricity, and gas (4.7 per cent), as well as furniture, household equipment, and cleaning products (4.6 per cent).

In addition, the largest variations were observed in the categories of food, alcoholic beverages and tobacco, with a 7.6 per cent increase, and energy, which experienced a decrease of 6.3 per cent.

Compared to the previous month, the index increased by 0.4 per cent, with the largest change recorded in the transport category, which contracted by 2.6 per cent.

In terms of economic categories, the highest variation was observed in the food, alcoholic beverages and tobacco category, which increased by 1.5 per cent.

For the period of January to May 2023, the index grew by 5.4 per cent, when compared to the corresponding period of the previous year.

The largest variations were observed in the categories of housing, water, electricity, and gas, which increased by 12.1 per cent, followed by food and non-alcoholic beverages with an 8.6 per cent increase, and restaurants and hotels, which rose by 7.5 per cent.

• The Cyprus Stock Exchange (CSE) ended Friday, June 16 with profits.

The general Cyprus Stock Market Index was at 117.37 points at 12:46 during the day, reflecting an increase of 0.12 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 71.01 points, representing a rise of 0.11 per cent.

The total value of transactions came up to €109,912.

In terms of the sub-indexes, the main index and alternative indexes rose by 0.02 per cent and 0.15 per cent respectively.

The investment firm index fell by 1.76 per cent while the hotel index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (+0.67 per cent), Petrolina (+0.89 per cent), Logicom (+0.9 per cent), Hellenic Bank (no change), and Demetra (-1.85 per cent).