Cyprus Business Now

The Central Bank of Cyprus (CBC) on Friday announced that it has set the reference interest rate for the October-December 2023 quarter at 11.52 per cent.

This decision comes in accordance with the powers granted to the CBC under Article 314A of the Criminal Code Law, Chapter 154.

As stated in the CBC’s official announcement, the article defines it as a criminal offence when an individual, during the provision, extension, or renewal of any loan, collects, charges, collateralises, or receives, for their own benefit or the benefit of a third party, economic advantages or benefits exceeding the reference interest rate.

The CBC’s move to set the reference interest rate at 11.52 per cent underscores the institution’s commitment to regulate lending practices more rigorously.

This announcement aims to maintain financial stability and safeguard the interests of borrowers in Cyprus.

The countdown is on for the highly anticipated 10th Keve Business Leader Awards, a prestigious event that marks its tenth year of recognising and rewarding outstanding entrepreneurs who have left an indelible mark on the island’s business landscape.

Organised by the Cyprus Chamber of Commerce & Industry (Keve) and IMH, this year’s awards ceremony promises to be a grand celebration of the business prowess that has driven Cyprus forward.

The event will take place on Monday, October 30, 2023, at the Hilton Hotel in Nicosia and will be attended by President Nikos Christodoulides, alongside key ministers and other dignitaries.

The 10th Keve Business Leader Awards will pay tribute to twelve exceptional individuals who have demonstrated excellence and innovation in their respective fields.

The honorees will represent various categories, including Tourism, Hospitality, and Entertainment, Commerce, Shipping, Industry, Services, Real Estate, Construction, Land Development, Finance, Professional Services, and the Primary Sector.

In addition to these, a new category, Corporate Sustainability and Responsibility, will be introduced to the event, highlighting the growing importance of responsible business practices in the modern age.

The Cyprus Stock Exchange (CSE) ended Friday, October 27 with losses.

The general Cyprus Stock Market Index was at 125.58 points at 16:00 during the day, reflecting a decrease of 0.46 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 76.09 points, representing a drop of 0.46 per cent.

The total value of transactions came up to €144,441.

In terms of the sub-indexes, the main, alternative investment firm indexes fell by 0.69 per cent, 0.08 per cent and 1.52 per cent respectively. The hotel index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-0.35 per cent), Demetra (-1.57 per cent), Hellenic Bank (-0.9 per cent), Logicom (-0.76 per cent), and Blue Island (+3.49 per cent).