Banking and Finance

International rating agency Fitch has affirmed Cyprus’ Long-Term Foreign-Currency Issuer Default Rating (IDR) at BBB, assigning a Stable Outlook, assuming that fiscal surpluses will continue despite economic slowdown, whereas the ...

The European Central Bank (ECB) on Thursday raised interest rates for the eighth consecutive time, in line with market expectations, staying on a path of policy tightening, as it continues ...

The Public Debt Management Office announced this week the increase in interest rates for six-year government bonds for individual investors, starting with the third series (October) of 2023. Applications for these ...

By Maria Demertzis Using a strategy of de-risking to deal with an increasingly fragmented world makes good economic sense. President von der Leyen first launched the strategy in a speech ...

The Bank of England looks set to raise interest rates by a quarter point to a 15-year high of 4.75 per cent on June 22, its 13th straight rate rise as it ...

Cyprus-based fintech firm Armenotech, alongside its international strategic partner, Tempo France, recently stated that EURO-pegged stablecoins have “the most promising and highest potential trajectory in the modern finance world”, with ...

The European Central Bank is all but certain to raise borrowing costs to their highest level in 22 years on Thursday and leave the door open to more hikes, extending its ...

The Cyprus Association for the Protection of Borrowers (Syprodat) this week issued a statement welcoming President Christodoulides’ call to banks to follow proper loan restructuring procedures. The president’s comments ...

The significant improvement in the yield margins of yesterday’s issuance of AT1 capital bonds reflects the bank’s transition into a sustainable and profitable banking institution, according to Bank ...

Cyprus’ trade deficit reached €3.11 billion during the period of January to April 2023, according to the latest report released by the Cyprus Statistical Service (Cystat). According to the available data, this ...

The issuance of Additional Tier 1 (AT1) capital bonds has generated significant interest, following the exchange of the previous, more expensive AT1 bonds worth €220 million, with an interest rate of 12.50 per ...

Cyprus and Greece have taken different paths toward resolving the previously sizable number of non-performing loans (NPLs) in each country, according to a recent piece of analysis by rating agency ...

The Cyprus Development Bank (CDB Bank) on Monday launched a new depository product with flexible terms and an interest rate of up to 2.05 per cent. According to the announcement, the ‘...

The number of registered vehicles in Cyprus witnessed a significant surge this year, soaring by 24.9 per cent between January and May 2023, according to the latest data released by the state’...

Central bankers, who once considered obscurity central to their craft, are trying to wean the world from the predictability they’ve nurtured over 15 years of concrete guidance about their intentions ...

Cypriot lender AstroBank on Monday announced that it has raised its deposit rates, describing the move as a response to the needs of its clientele and the Cypriot economy in ...

UBS (UBSG.S) on Monday said it had completed its emergency takeover of embattled local rival Credit Suisse (CSGN.S), creating a giant Swiss bank with a balance sheet of $1.6 ...

JPMorgan said on Monday it expects Turkey’s central bank to hike interest rates to 25 per cent from the current 8.5 per cent at its June meeting, adding this could come ...

Here are the top business stories in Cyprus from the week starting June 5: Cypriot firm Ask Wire on Thursday released a report examining the Paphos property market for 2022, including an ...

A small minority will not be allowed to tarnish Cyprus’ reputation, which has been built over many years, President Nikos Christodoulides said on Saturday. Addressing the bank worker’s union, ...

Lebanon must take urgent action on comprehensive economic reforms to avoid “irreversible consequences” for its economy, the International Monetary Fund said on Thursday. IMF spokesperson Julie Kozack told reporters that ...

Switzerland’s parliament has formally agreed to establish a parliamentary commission (PUK) to look into Credit Suisse’s (CSGN.S) collapse and rescue in a deal engineered by Swiss authorities, ...

Cypriot lender AstroBank on Wednesday announced that it is freezing the base interest rate for first-time homebuyers for all eligible borrowers. “AstroBank is moving forward with a programme to reward ...

Total new loans in Cyprus decreased to €473.9 million in April 2023, compared to €922.5 million in the previous month, according to a report released on Tuesday to the Central Bank of Cyprus (...