Government posts a €19m fiscal gap in Q2
The government generated a fiscal deficit of €18.7 million in the second quarter of 2018 compared to a shortfall of €86.5m in the respective...
Stelios Orphanides
NPLs were not the cause of the Co-op’s failure, former boss says
A former director of the Central Cooperative Bank, the predecessor of the failed state-owned Cyprus Cooperative Bank, said the Co-op’s situation with delinquent loans was...
Expected ECB rate hike, strong investor interest increased government’s bond appetite
By Stelios Orphanides The decision to go for a €1.5bn bond issue instead of the initially planned €1bn was dictated by a combination of factors,...
Mammoth bond allows government to tap €1.5bn at 2.4%
The government on Tuesday issued a €1.5bn European Medium Term Note with a ten-year maturity with a coupon rate of 2.375 per cent and a...
Central Bank says S&P upgrade allows participation in ECB purchase programme
By Stelios Orphanides The Central Bank of Cyprus said that following the upgrade of Cyprus’ sovereign credit rating to BBB- by Standard and Poor’s, Cypriot...
Government to issue 10-year €1bn euro bond
The government aims to capitalise Friday’s upgrade of its sovereign rating to investment grade by Standards & Poor’s with the issue a €1bn 10-year bond,...
S&P upgrades Cyprus to BBB-, back to investment grade (Updated)
The upgrade of Cyprus’ sovereign rating back to investment grade by Standard & Poor’s after rating it junk for more than six years justifies...
Nouy’s ‘non’ stuns committee probing Co-op failure
By Stelios Orphanides The chairwoman of the European Central Bank’s (ECB) Single Supervisory Mechanism (SSM) Daniele Nouy will not testify at the committee probing the...
NPLs up by €14m in May, Central Bank says
Non-performing loans in the Cypriot banking system rose by €13.9m in May, to €19.9m, compared with April, mainly on households failing payments, the Central...
Cabinet passes budget, slashes defence levy (Updated)
By Stelios Orphanides The cabinet on Thursday approved the 2019 budget and the budgetary framework over the next three years, including a reduction of the defence...
MEPs threaten sanctions over cooperation with Russia
Four members of the European Parliament (MEPs) have warned President Nicos Anastasiades that “Cyprus may face consequences,” including sanctions if it resumes cooperation with Russia...
Hellenic to reactivate 4,559 Co-op overdraft accounts with €25m
Hellenic Bank said it has agreed with the finance ministry to transfer another 4,559 overdraft accounts from the Co-op with a €21m balance and a...
Co-ops lacked sophisticated auditing skills, inquiry told
Kypros Protopapas, a former Co-op supervisor, said that the demise of the co-operative banking sector resulted from Cyprus’ failure to adhere to its commitment...
Ex-supervisor denies co-ops covered up irregularities (Updated)
The former supervisor of the co-operative banking sector Constantinos Lyras told investigators on Wednesday that while he was in office there had been no cover-up of...
Trade deficit shrinks by 6.5% in first seven months on export surge
Cyprus’s trade deficit shrank by 6.5 per cent in the first seven months, to €2.4bn, mainly on a strong increase in exports which outstripped imports,...
State-aid Commissioner kept in the dark over Co-op
State-aid Commissioner Theophanis Theophanous said on Tuesday that his agency was kept in the dark both about the government’s intention to donate a quarter of...
Legacy co-op sets up teams to address set-off impact
The Cypriot Asset Management Company, the subsidiary of the legacy Co-op, said Tuesday it is working on immediately addressing problems caused by the decision to...
CoE: Cyprus branded reluctant in probing Russian organised crime
The committee of legal affairs and human rights of the Parliamentary Assembly of the Council of Europe (PACE) unanimously adopted a resolution on Monday criticising Cyprus for being reluctant to...
Economy expands 3.9 per cent in Q2, Cystat says
The economy expanded in the second quarter of this year 3.9 per cent compared to the same period of 2017, the statistical service said...
Number of government workers up 2.1% in August
The number of workers employed by the government rose 2.1 per cent in August to 51,349 compared with last year, the statistical service said. The...