Cyprus witnessed a notable increase in total new loans in February 2024, reaching €575.5 million, compared to €462.7 million in the previous month, according to a report released on Friday.

This surge is attributed to a rise in loans extended to companies, amounting to approximately €130 million.

In addition, while the interest rate on loans to companies increased, the interest rate on loans for house purchases decreased.

According to a statement by the Central Bank of Cyprus (CBC), new consumer loans decreased to €23.2 million, of which €21.3 million were net new loans, down from €26.7 million in the previous month, of which €19.7 million were net new loans.

The Central Bank of Cyprus (CBC) this week completed its annual reassessment of the identification of credit institutions falling within the definition of Other Systemically Important Institutions (O-SII) for the year 2024.

According to a statement released by the CBC, they have identified five banks as Other Systemically Important Institutions (O-SII).

These include the Bank of Cyprus Public Company Ltd, Hellenic Bank Public Company Ltd, Eurobank Cyprus Ltd, AstroBank Ltd, and Alpha Bank Cyprus Ltd.

The number of registered unemployed individuals in Cyprus at the end of March 2024 saw a significant decrease of 13.5 per cent, compared to March of the previous year, according to a report released this week by the Cyprus Statistical Service (Cystat).

In addition, there was a decrease of 1.2 per cent when compared to the previous month, based on seasonally adjusted figures.

Specifically, the Statistical Service reported that, based on data collected from regional employment offices, the number of registered unemployed individuals at the end of March 2024 dropped to 12,277 people, compared to 14,197 in March 2023.

The Public Debt Management Office (PDMO) this week unveiled the interest rates for six-year nominal government bonds for individual investors, effective from the second series (July) of 2024.

An announcement released by the PDMO stated that applications for the second series of bonds will be accepted during the month of June 2024 (with a submission period from June 3, 2024, to June 20, 2024).

Cyprus experienced a notable surge in consumer prices in March 2024, with olive oil prices skyrocketing by 61.7 per cent, when compared to March 2023, according to a comparison table of consumer price changes compiled by the Cyprus Consumers Association.

The data, sourced from the Consumer Price Index report released by the Cyprus Statistical Service (Cystat) this week, highlighted the significant annual increase in various sectors.

Among the highest increases recorded in March 2024 were for painting services, up by 14.9 per cent, followed by fresh fruit with a 14.5 per cent rise, and potatoes by 12.4 per cent.

Alpha Bank Cyprus on Friday announced the launch of a new deposit product, offering a fixed deposit rate of 2.50 per cent annually for twelve-month deposits exceeding €70,000.

“With a focus on offering increased returns, Alpha Bank provides customers with the opportunity to enhance the yield of their twelve-month time deposits exceeding €70,000, with a stable annual interest rate of 2.50%,” the bank said in an announcement.

Sir Stelios Haji-Ioannou has joined the board of The Hellenic Initiative (THI), an organisation investing in Greece through philanthropic actions and programmes focused on economic recovery, according to an announcement released on Friday.

As part of its mission, The Hellenic Initiative seeks to “mobilise people to address the consequences of the crisis, empower entrepreneurship, and create jobs”.

Kyriakos Iordanou, the General Manager of The Institute of Certified Public Accountants of Cyprus (ICPAC), acknowledged in a recent address the numerous challenges that both business and people must face. In the same address, he also outlined the organisation’s outlook for 2024.

“it is indisputable that the past few years have been unprecedentedly difficult and demanding for everybody; for the economy, businesses and households, as well as for our profession, accountancy and audit firms and obviously for ICPAC itself,” Iordanou said.

The 2nd Cyprus Forum Cities, the largest local government conference in Cyprus, is set to be held in Limassol on April 18-19, 2024.

This forum is characterised by its commitment to fostering sustainable, green, and smart city environments, emphasising the construction of communities that are resilient to the challenges posed by climate change.

Cyprus experienced an increase in both production and producer prices in the construction sector during the year 2023, according to a report released on Friday by the Cyprus Statistical Service (Cystat).

In particular, the Production Index in Construction for the fourth quarter of 2023 rose to 227.99 units, 2015 being the base year, set at 100 units, marking a 9.2 per cent increase compared to the fourth quarter of 2022.

In addition, the Producer Price Index in Construction for the fourth quarter of 2023 reached 138.29 units, with 2015 being the base year, set at 100 units, showing a marginal increase of 0.8 per cent compared to the third quarter of 2023.

Compared to the same quarter of the previous year, the index increased by 2.7 per cent.