Cyprus’ Deputy Minister of Tourism Kostas Koumis visited London this week, where he held a series of meetings with major tourism organisations and airlines to discuss the outlook for British tourism to Cyprus in 2024.

According to an announcement released on Wednesday evening, despite current challenges, the discussions that took place indicate that visitor numbers from the UK are expected to remain at last year’s high levels.

It should be noted that Cyprus welcomed over 1.3 million visitors from the UK in 2023, corresponding to an increase of 100,000 tourists compared to the previous year.

Reflecting on these numbers, Koumis expressed his satisfaction with the outcomes of the meetings.

“The British market is undoubtedly our country’s top tourism market, and its contribution to Cyprus’ tourism sector is consistently significant and vital,” he stated after concluding his meetings on Wednesday.

Net new loans in Cyprus increased by €20.9 million in April 2024, according to a report released this week by the Central Bank of Cyprus (CBC).

Specifically, according to the report, net new loans from Cypriot banks reached €304.3 million, compared to €283.4 million in the previous month, marking a 7.4 per cent increase.

However, total new loans, which include restructured loans, decreased to €422.6 million in April from €496.4 million the previous month.

New consumer loans rose to €22.4 million, of which €21 million were net new loans, compared to €22.2 million in the previous month, of which €20.5 million were net new loans.

The Central Bank of Cyprus released a report this week indicating a decline in deposit rates for April, while loan interest rates fluctuated across categories during the same period of time.

Specifically, the interest rate for household deposits with a maturity of up to one year fell to 2.16 per cent, compared to 2.24 per cent in the previous month.

Similarly, the interest rate for deposits from non-financial corporations decreased to 1.82 per cent, down from 2.24 per cent the previous month.

The Industrial Turnover Index in Cyprus decreased by 4.4 per cent in March of this year, when compared to March 2023, dropping to 132 units, with 2021 acting as the base year set at 100 units, according to a report released this week by the state’s statistical service.

The report noted that for the period from January to March 2024, the index showed a slight increase of 0.8 per cent, when compared to the same period in 2023.

A new AI-powered assistant called Placy has been launched in Cyprus, aiming to transform the real estate sector, according to an announcement released on Thursday.

The announcement noted that this tool aims to simplify the traditionally complex property market, offering increased efficiency and insight for both professionals and clients.

“Cyprus presents a unique opportunity for Placy,” the announcement said, adding that “with an open market, enthusiastic community, and high commission rates, the country is an ideal launchpad for this innovative solution”.

Moreover, the makers of Placy explained that the real estate industry has long struggled with opaque practices and overwhelming amounts of information that can confuse even experienced buyers and sellers.

Cyprus’ Consumer Price Index (CPI) experienced an increase to 117.84 units in May of this year, up from the 117.09 units recorded in April, according to a report released on Thursday by the Cyprus Statistical Service (Cystat).

This change, amounting to a 0.75-unit rise, marked a 2.7 per cent uptick in inflation, pointing to a more costly landscape for consumers.

The report noted that from January to May 2024, the CPI’s overall climb reached 2 per cent compared to the corresponding period in the previous year, showcasing sustained inflationary pressures across various sectors.

The most pronounced yearly increase was observed in petroleum products, surging by 10 per cent compared to May 2023.

The Cyprus Mail recently had the opportunity to sit down with Kostas Kontogiannis, the Chief Financial Officer of e-commerce platform and online marketplace Skroutz, in the context of the company’s participation and sponsorship of the Reflect Festival in Limassol.

Kontogiannis’ professional journey includes notable tenures at PwC Greece and Mazars Greece, where he specialised in financial due diligence, transaction services, and financial auditing across various sectors such as retail, hospitality, energy, and telecommunications.

At Reflect Festival, Kontogiannis delivered an insightful speech titled “From Insight to Impact: A User-Centric Scaling in Action”.

He shared Skroutz’s remarkable journey as Greece’s leading e-commerce platform and marketplace, emphasising the importance of a user-centric approach to business growth.

The Cyprus Stock Exchange (CSE) ended Thursday, June 6 with profits.

The general Cyprus Stock Market Index was at 160.00 points at 13:03 during the day, reflecting an increase of 0.01 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 97.27 points, representing a rise of 0.01 per cent.

The total value of transactions came up to €272,138, until the aforementioned time during trading.

In terms of the sub-indexes, the main index fell by 0.02 per cent, while the alternative index rose by 0.06 per cent. The hotel and investment firm indexes remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-0.24 per cent), Hellenic Bank (+0.39 per cent), Demetra (no change), Salamis Tours (-1.08 per cent), and Atlantic Insurance (+1.94 per cent).