Cyprus Business Now: weekly wrap-up

Here are the top business stories in Cyprus from the week starting December 11:

The Ministry of Finance on Monday announced that the Republic of Cyprus and France ratified an updated double tax treaty, first announced on Friday, in an effort to eradicate double taxation concerns and bolster measures against tax avoidance.

The Cyprus Institute of Labour, associated with the Pancyprian Federation of Labour (Peo), released a comprehensive report on Monday, delving into the economic and employment landscape for 2023.

The European Central Bank’s continual balance sheet offloading in its battle against inflation has kept the value of Cypriot bonds held within the Eurosystem at €6.75 billion, according to a piece of analysis released by the Cyprus News Agency (CNA).

The unemployment rate in Cyprus plunged to its lowest level in 53 quarters, settling at 5.8 per cent of the labour force in the third quarter of 2023, marking a significant decline, according to a report by the state’s statistical service.

Cyprus witnessed a remarkable 58.5 per cent surge in total registrations of motor vehicles in November 2023, compared to the same month of the previous year, while also marking an annual increase of 34.6 per cent in the eleven-month period of 2023.

The Central Bank of Cyprus (CBC) on Monday released a report revealing that a total of 33 bounced cheques, valued at €60,851, were issued in November 2023.

Cyprus National Cybersecurity Coordination Centre, in conjunction with the Research and Innovation Foundation (RIF), this week announced the launch of a new support scheme that aims to strengthen cybersecurity in Cypriot Small and Medium Enterprises (SMEs), with a total budget of €1 million.

Cyprus witnessed a substantial increase in imports in the period from January to October 2023, rising by €1.23 billion when compared to the same period in 2022, according to a report released this week by the Cyprus Statistical Service (Cystat).

The Nicosia Regional Tourism Board (Etap) this week announced that the EduTourism initiative, which aimed at boosting educational tourism to amplify appreciation for cultural and natural heritage, concluded in November of this year.

The Central Bank of Cyprus (CBC) on Thursday released a statement confirming the bank holidays for the upcoming festive season, while urging the public to plan accordingly.

According to the announcement, banks in Cyprus will be closed on Monday, December 25, Christmas Day; Tuesday, December 26, Boxing Day; and Monday, January 1, 2024, New Year’s Day.

The Paphos Regional Tourism Board (Etap) announced this week that it has approved its budget and action plan for 2024, with the decision having been taken during the most recent meeting of Etap’s board of directors.

National flag carrier Cyprus Airways this week announced that despite prevailing geo-political tensions in the Middle East, it still managed to record a growth in revenue in November 2023.

The Cypriot government is expected to spend approximately €18 million on airline and travel agency incentives for the entirety of 2023, after a recent approval by the House of Representatives, as part of an ongoing effort to boost tourism arrivals to the island.

Cyprus’ banking system witnessed a further decline in non-performing loans (NPLs) at the end of September 2023, dropping to €2.02 billion from €2.08 billion in August, reflecting an ongoing trend of improvement, according to a report released this week by the Central Bank of Cyprus (CBC).

Cyprus’ Research and Innovation Foundation (RIF) on Thursday announced the launch of a new programme, aimed at introducing specialised, scientific talent to Cypriot businesses, with the ultimate objective being to bolster their competitiveness.

Ratings agency S&P Global this week announced a one-notch upgrade in the long-term credit rating of the Bank of Cyprus (BoC) to “BB” from “BB-,” with a positive outlook.

The Republic of Cyprus on Friday announced that its financial needs for the upcoming year amount to €1.3 billion, with the majority of that sum covered by an international issuance totalling €1 billion.