According to a report released on Friday from the Cyprus Statistical Service (Cystat), the total general government debt was recorded at €22.81 billion at the end of June, a reduction from the previous figure of €23.04 billion at the end of March.
Consequently, this decrease of €1.6 billion, corresponding to a drop of 6.8 per cent, compared to June 2023, has brought the debt-to-GDP ratio down from the previous year’s 82.1 per cent.
Furthermore, a significant contributor to this fiscal improvement was the expiration of a €850 million Euro medium-term note (EMTN) at the end of June, coupled with the upcoming maturity of another €1 billion EMTN bond by the year’s end.
Additionally, on June 18, Cyprus issued a €1 billion seven-year bond, effectively ensuring the financial resources needed to cover its annual requirements, which the Public Debt Management Office (PDMO) estimates at €1.3 billion.
Moreover, GDP growth in the first half of the year also significantly impacted the debt reduction, standing at a seasonally adjusted rate of 3.5 per cent.
According to the proposal, Petros Christodoulou is set to continue in his role as chairman. Michalis Louis, the current chief executive officer of Eurobank Cyprus, has been put forth as an executive board member.
In addition, Antonis Rouvas, the current interim chief executive officer of Hellenic Bank, has also been proposed as an executive board member.
The new board of Hellenic Bank is expected to include independent non-executive board members Stephen John Albutt and Maria Xatha.
The proposed independent non-executive members for the new board are Oliver Bernard Elligan, Robert Anastasis Kyprianou, Charalambos Konstantinou, Maria Charalambous, Sofronis Clerides, and Kenneth Howard Smith.
Following the completion of its mandatory public offer to Hellenic Bank shareholders, Eurobank now holds 56 per cent of the bank’s total share capital, making it the largest shareholder in the group.
CySEC has specifically identified two malicious websites, “cysecgov.org” and “cysecgov.cc”, which have been created without any affiliation to the commission.
Additionally, CySEC has highlighted that the email address “supportcenter@cysecgov.org” mentioned on these websites is equally fraudulent and does not belong to the commission.
CySEC has expressed serious concern over the activities associated with these fraudulent websites, stating that individuals behind these sites are “fraudulently presenting themselves as officers or representatives of CySEC“.
These scammers, the commission explained, are reportedly approaching investors and demanding fees in exchange for allegedly assisting with the recovery of losses suffered by investors in companies under CySEC’s supervision.
The commission pointed out that it has observed a growing trend in such fraudulent activities, with an increase in cases where “individuals fraudulently present themselves as representatives of CySEC”.
Marinos Kineyirou, president of the Cyprus Real Estate Agents Registration Council, told the Cyprus News Agency that short-term rentals were pushing prices up and making things difficult for students. He said something needed to be done, even banning the practice.
Kineyirou said that with the start of the new academic year approaching, accommodation was coming an issue amid the relatively small stock of student residences or halls and the channelling of private accommodation into holiday lets.
He said that at the moment, one-bedroom apartments in Limassol ranged between €1,000 and €1,100 per month. In Nicosia the same type of apartment costs between €600-€700 and in Larnaca and Paphos between €500 and €600.
This initiative, which took place on August 13, aims to provide green electricity to ships at berth or at anchor, in turn supporting the decarbonisation of shipping and promoting the circular economy.
According to an announcement released on Friday by the Cyprus Maritime and Marine Institute (CMMI), the launch took place on August 13.
“The aim of the BioCNG-to-CI project is to provide green electricity to ships at berth or at anchorage,” the institute said.
“Upon completion, a floating power plant powered by biomethane will have been developed, contributing to the decarbonisation of shipping and the promotion of the circular economy,” it added.
This initiative, which is a key component of the BioCNG-to-CI project, aims to provide green electricity to ships at berth or anchorage, significantly contributing to the decarbonisation of shipping and the advancement of the circular economy.
It should be noted that the decision regarding this RAIF, which stands for Reserved Alternative Investment Fund, was made during a meeting on May 20, 2024, before being publicly disclosed by the commission this week.
The commission said that it acted in accordance with Article 64(1)(b) of the Alternative Investment Funds Law of 2018, citing the failure to raise the minimum required assets within the specified timeframe.
As a consequence of this decision, the investment compartment will be dissolved and placed into liquidation, as stipulated by Article 63(1)(a) of the Law.
CySEC pointed out that since this was the only investment compartment within the RAIF, its dissolution would lead to the dissolution of the entire RAIF itself, following the provisions set out in Article 63(4) of the Law.
CySEC further stated that, under Article 138(9) of the Law, it would proceed with the deletion of both the investment compartment and the RAIF from the RAIFs Register.
The commission explained that this step will be taken once the dissolution and liquidation processes are finalised and all required documents have been submitted to CySEC.
The long-awaited e-justice system, which has faced numerous delays, is nearing completion, with final decisions expected in early September. The results from the system’s last crash tests are anticipated soon.
Initially launched with a cost of €6 million to taxpayers, with additional expenses in the hundreds of thousands since, the e-justice system crashed just a week after its installation. As a result, courts and lawyers reverted to using the older €250,000 i-justice system as of January 29, 2024.
According to the original contract, the e-justice system’s pilot version should have been operational by the end of 2021.
In the interim, Justice Minister Marios Hartsiotis said that by the first half of 2024, 55 per cent of delayed cases had been tried – nearly three times the target set in Cyprus’ EU recovery and resilience plan.
Daily Phileleftheros reported on Friday that Deputy Minister of Innovation Nicodemos Damianou announced that “we are finally at the final stage of making decisions about its future”.
In remarks following the cabinet meeting, Keravnos explained that the purpose of the briefing and report was to assess whether the financial indicators are in line with projections, noting that corrective measures are taken in the event of negative forecasts and deviations.
“In our case, the semi-annual report indicates that there are positive deviations,” the minister said.
“The report aligns with and even exceeds our forecasts, which means our economy is progressing on a positive trajectory and demonstrating resilience,” he added.
The minister highlighted that by the end of June, the fiscal balance—also known as the budget balance—stood at 1.3 per cent of GDP.
This figure represents the difference between the government’s total revenues, primarily from taxes, and its total expenditures over a specific period.
Additionally, the primary balance, a key economic indicator that excludes interest payments on existing debt, was at 2 per cent of GDP.
The Cyprus Stock Exchange (CSE) ended Friday, August 23 with losses.
The general Cyprus Stock Market Index was at 179.25 points at 12:35 during the day, reflecting an decrease of 0.16 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 109.16 points, representing a drop of 0.17 per cent.
The total value of transactions came up to €1,188,341, until the aforementioned time during trading.
In terms of the sub-indexes, the main and investment firm indexes fell by 0.32 per cent and 1.83 per cent respectively. The alternative index rose by 0.01 per cent while the hotel index remained unchanged.
The biggest investment interest was attracted by the Bank of Cyprus (+0.21 per cent), Hellenic Bank (+0.65 per cent), the Cyprus Cement Company (no change), Demetra Holdings (-1.87 per cent), as well as K+G Complex (no change).
