Cyprus Business Now

The 16th evaluation of Cyprus’ post-memorandum economic situation is set to commence next Tuesday and conclude on Friday, as confirmed by the island’s lenders.

The evaluation will encompass an extensive review of public finances, economic prospects, and challenges faced by the economy, as well as the state of the financial sector.

According to the Cyprus News Agency (CNA), which cited sources close to the matter, meetings with Cypriot authorities will delve into fiscal and financial conditions based on 2023 outcomes.

The Central Bank of Cyprus (CBC) on Friday announced its coordination of the annual global awareness campaign, Global Money Week, scheduled to take place from March 18 to 24, 2024.

This initiative, organised every March by the Organisation for Economic Co-operation and Development (OECD), aims to empower youth with essential financial knowledge, skills, and behaviours, enabling them to make informed financial decisions, and, ultimately, fostering economic prosperity.

Real estate platform INDEX on Friday released a report designating Larnaca as Cyprus’ key destination for investors and homebuyers seeking profitable ventures in the real estate market, citing a recently conducted analysis of the local property sector.

“This revelation comes at a time when the sector is witnessing significant inflows from both institutional and retail investors, driven by the quest for higher returns on investments amidst persistently low deposit interest rates,” the company said.

Delving into the figures, which were extracted from a pool of over 4,200 real estate listings on INDEX, revealed a sharp disparity in the pricing of new versus pre-owned properties in Larnaca, the company explained.

The Producer Price Index for Industry in Cyprus recorded a decrease of 2.9 per cent in January 2024, mainly due to a decrease in the electricity supply sector.

According to a report released by the Statistical Service of Cyprus this week, the index reached 122.5 points, with 2021 acting as the base year, marking a 1.3 per cent decrease compared to December 2023.

In January 2024, compared to December 2023, the index remained unchanged in the manufacturing sector, while it increased by 0.2 per cent in the mining and quarrying sector.

Conversely, there was a decrease of 5.9 per cent in the electricity supply sector and 1.7 per cent in the water supply and materials recovery sector.

Consumers in Cyprus are in a dire situation as ongoing increases in the prices of essential goods, energy costs, and high interest rates have further eroded their standard of living, Peo union said on Friday, marked internationally as World Consumer Rights Day.

The organisation called on the government to impose taxes on windfall profits to be able to implement a comprehensive social policy.

Peo said “energy costs have crippled consumers and households, a fact confirmed by EU data, as Cyprus is the second country out of 26 in the European Union in energy poverty.”

The transport ministry on Friday announced the second phase of a grant subsiding the installation of 1,000 electric vehicle charging points within the framework of Cyprus’ Recovery and Resilience Plan.

In the second phase of the grants, cumulative restrictions will no longer apply, and the number of stations eligible for subsidy per beneficiary will increase.

Additionally, beneficiaries are given the right to submit multiple applications, which will be considered only in case of available stations. In such cases, the beneficiary can claim up to 40 per cent of the grant, with the subsidy scheme being adjusted accordingly after the application deadline.

Frederick University is co-organising the second Youth Tech Fest Cyprus 2024, a celebration of children’s passion for Technology, Innovation and Creativity.

The event will take place on Saturday, April 20, 2024, between 9am-4.30pm, at the University’s Limassol campus, offering a range of exciting activities, interactive workshops, masterclasses and shows for children and young enthusiasts in areas such as Robotics, Gaming, Woodworking, XR/VR, science shows, cubing competitions and fun science.

Esteemed academics, programmers, engineers and qualified scientists will guide participants through the various activities.

The Cyprus Stock Exchange (CSE) ended Friday, March 15 with losses.

The general Cyprus Stock Market Index was at 144.66 points at 12:50 during the day, reflecting a decrease of 0.17 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 88.01 points, representing a drop of 0.18 per cent.

The total value of transactions came up to €81,518.

In terms of the sub-indexes, the main, alternative, and investment firm indexes fell by 0.19 per cent, 0.14 per cent, and 0.01 per cent respectively. The hotel index remained unchanged.

The biggest investment interest was attracted by Vassiliko Cement Works Public Company (-0.61 per cent), the Bank of Cyprus (-0.28 per cent), Demetra (no change), and Logicom (-0.66 per cent).