Banking and Finance

The Cypriot banking system presents the lowest rate of transmission of increased interest rates to deposit rates, according to an analysis report released this week by rating agency DBRS Morningstar, ...

The net interest income of the Cypriot banking system nearly doubled in the first quarter of 2023 compared to the corresponding period last year, showing an increase of 85.7 per cent or €182.71 ...

Limassol district court on Wednesday rejected a lawsuit filed by depositors in the former Laiki Bank against the state in relation to the haircut on deposits in 2013. The attorney general’...

Payments company Mastercard (MA.N) on Wednesday launched a global project to recycle credit and debit cards as part of a plan to save the billions of cards in circulation ...

British inflation defied predictions of a slowdown and held at 8.7 per cent in May, putting yet more pressure on the Bank of England a day before it is expected to ...

Central Bank of Cyprus (CBC) governor Constantinos Herodotou on Tuesday addressed the annual general meeting of the Association of Cyprus Banks, touching on domestic economic developments, the resilience of the ...

The Association of Cyprus Banks has always played a “creative and productive part” in the island’s banking sector developments, particularly amidst the challenges of the past few years, Finance ...

The International Monetary Fund (IMF) is working on a platform for central bank digital currencies (CDBCs) to enable transactions between countries, IMF Managing Director Kristalina Georgieva said on Monday. “CBDCs ...

State-owned Cyprus asset management company Kedipes has repaid €1 billion to the state for the aid it received, since its inception nearly five years ago, according to chairman Lambros Papadopoulos. “The ...

European equities and the euro look set to lose out to US markets in the months ahead, as a stellar run in early 2023 has fizzled out in the face of ...

BlackRock (BLK.N), the world’s biggest asset manager, last week filed for a bitcoin exchange-traded fund (ETF) that would allow investors to get exposure to the cryptocurrency, as the ...

SVB Financial Group (SIVBQ.PK) said on Sunday it has entered into an agreement to sell its investment banking division, SVB Securities, to a group led by Jeff Leerink and ...

Here are the top business stories in Cyprus from the week starting June 12: Cyprus-based investor Alexey Gubarev has recently become the owner of the land where Sodap’s wine factory ...

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 ...