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During his speech at The Economist business conference on the Eastern Mediterranean held in New York this week, Constantinos Herodotou, the Governor of the Central Bank of Cyprus (CBC), emphasised the resilience of the Cypriot banking system and its high liquidity and capital adequacy ratios.

According to a press release by the central bank, Herodotou addressed the banking turmoil in the United States, noting that its defining attribute was the involvement of regional banks rather than systemic ones.

The crisis highlighted that a global contagion could be triggered even by regional banks and underscored the significant role of credit default swaps (CDS) in informing the markets about potential issues in a specific institution.

However, Herodotou stressed that there are significant differences in the banking landscape between the United States and the European Union. He noted that European banks have significantly more diversified balance sheets.

Furthermore, he expressed the opinion that tightening monetary policy is the only way to combat inflation in Europe and stated that the increase in interest rates is temporary.

 

The treasury this week announced that it has publicly disclosed the state’s financial transactions for 2022, in accordance with the provisions of the Law on Accounting and Financial Management and Control of the Republic, Law No. 38(I)/2014.

The disclosure includes all payments exceeding five thousand euros made by every Ministry, Deputy Ministry, Department, Service, and Special Fund of the Government, categorised by expenditure article, to natural or legal persons during the year 2022.

Statements featuring the recipients of governmental payments have been posted on the treasury’s website.

It should be noted that the amounts presented in the statements reflect the total payments received by a natural or legal person according to the expenditure article during the year 2022.

Excluded from the disclosure are any payments related to intra-governmental transactions, personal remunerations, reimbursement of expenses incurred for official purposes by employees, defence or security expenditures, public interest matters, and sensitive personal data.

Furthermore, the treasury explained that in cases where any deductions were made during the payment to a supplier, for example, due to offsets of the payable amount against debts to the state, the amount presented reflects the pre-deduction value. All amounts are presented in descending order by expenditure category.

 

The Cyprus Stock Exchange (CSE) ended Thursday, July 13 with losses.

The general Cyprus Stock Market Index was at 115.85 points at 13:05 during the day, reflecting a decrease of 0.19 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 70.05 points, representing a drop of 0.19 per cent.

The total value of transactions came up to €132,471.

In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 0.33 per cent, 0.03 per cent and 0.95 per cent respectively. The hotel remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (no change), Salamis Tours (no change), Demetra Holdings (-0.93 per cent), Hellenic Bank (no change), and Vassiliko Cement Works Public Company (no change).

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