Cyprus Business Now

The fleet of vessels registered under the Cypriot flag has seen a significant increase of approximately 5.5 per cent, equivalent to about 1.1 million tonnes, over the past six months, according to the Deputy Minister of Shipping Marina Hadjimanolis.

The minister’s comments were delivered during an event at the DP World passenger terminal in the Port of Limassol, that aimed to outline the achievements and initiatives of the ministry during the first year of Nikos Christodoulides’ administration.

Hadjimanolis noted that in addition to the enduring support of shipowners who traditionally choose and trust the Cypriot flag, there has been increased interest from new shipowners and shipping companies who have registered their vessels under the Cypriot registry.

An action plan with dozens of measures to help third-country nationals legally residing in Cyprus integrate into the labour market and economy has been prepared, Interior Minister Constantinos Ioannou.

Ioannou was speaking at the opening of a public consultation with civil society groups about the 50-point action plan based on five pillars: housing, employment, skills, health and education.

“Within the framework of the integrated migration policy adopted by the government, particular emphasis is placed on the implementation of policies and actions aimed at the smoothest possible integration of third-country nationals legally residing in our country into all aspects of Cypriot society and economy,” he said.

The PwC Cyprus Foundation participated for the second consecutive year in an initiative that sought to promote financial literacy among the youth, held during Global Money Week, which took place from March 18 to 24, 2024.

This initiative is part of PwC Foundation’s broader commitment to community engagement and making a positive contribution to society.

Philippos Soseilos, President of the PwC Foundation and CEO of PwC Cyprus, shared his enthusiasm for the initiative, stating, “At PwC Cyprus, we believe that financial literacy is a cornerstone of personal empowerment and social welfare“.

Total deposits in Cyprus saw a significant net increase of €65.4 million in February 2024, rebounding from a substantial decrease of €366 million during the previous month, according to a report on deposits and loans for February 2024 released by the Central Bank of Cyprus (CBC) this week.

The report also noted that loans experienced a notable net increase of €348.9m, following a net decrease of €122.9m in January 2024.

Specifically, household deposits increased by €41.2m, with their loans slightly decreasing. Concerning companies, they increased their loans by €60.6m while reducing their deposits by €63m.

The board of directors of state-owned asset management company Kedipes this week decided to make the largest quarterly cash payment to the state since its establishment in 2018, amounting to €140 million, for the first quarter of 2024.

According to an announcement by the Kedipes, this decision falls within the framework of repaying the state aid received by the former Cooperative Cyprus Bank.

What is more, the announcement noted that the payment amount “is mainly due to the recent completion of the sale of loan portfolios to the Bank of Cyprus, with a total gross accounting value as of December 31, 2022, amounting to €58.4 million”.

Cyprus’ Industrial Production Index for January 2024 saw a 4.2 per cent rise compared to the same period in 2023, reaching 99.5 units, with 2021 being the base year with a value of 100 units, according to a report released this week by the Cyprus Statistical Service (Cystat).

The report noted that there was a 3.2 per cent increase in the manufacturing sector, compared to January 2023.

The Central Bank of Cyprus (CBC) has decided to maintain the countercyclical buffer rate at 1 per cent, with effect from June 2, 2024.

This rate was adopted based on the CBC’s latest decision dated June 2, 2023.

“Based on the above decision as well as previous decisions on the same matter, the countercyclical buffer rate applied from November 30, 2023, is 0.5 per cent, and it further increases to 1 per cent from June 2, 2024,” the statement concluded.