Tourist arrivals to Cyprus reached 554,923 people in August 2024, an 8.5 per cent increase compared to 511,387 in August 2023, according to a report released on Tuesday from the Cyprus Statistical Service (Cystat).
From January to August 2024, a total of 2,758,627 tourists visited the island, a 4.1 per cent rise compared to the 2,648,795 arrivals in the same period last year.
The United Kingdom remained the top source of tourism in August, accounting for 34.7 per cent of total arrivals.
The Cyprus Borrowers Association (Sypdodat) and Central Bank of Cyprus (CBC) governor Christodoulos Patsalides on Tuesday discussed the need for sustainable loan restructurings, as well as the issue of lending rates.
In a statement to the Cyprus News Agency (CNA), Sypdodat president Costas Melas described the meeting as constructive.
He said that both sides agreed that loan restructuring solutions are practical and beneficial for banks, credit management companies, and borrowers.
Regarding interest rates, Melas said the governor highlighted his efforts to convince banks to reduce lending rates and narrow the gap between lending and deposit rates.
The agreement, signed on September 16, aims to establish the India-Greece-Cyprus Business Council (IGC), marking a significant step towards strengthening trilateral business ties.
The MoU was signed in the presence of the ambassador of India, Shri Rudrendra Tandon.
Notably, Eurobank CEO Fokion Karavias welcomed the move, stressing the “strategic role Greece and Cyprus can play as entry points into the EU for Indian businesses and investors”.
The first phase will include 300 mooring spaces, with the initial vessels expected to arrive before the start of the tourist season. The development is anticipated to positively impact the area and attract nautical tourism, as an official entry point to the Republic of Cyprus will be established.
During his visit, Nikoletos was informed by PMV Maritime Holdings CEO Anthoulis Kountouris about the progress of the project.
According to a report from the Cyprus Statistical Service, which utilised preliminary data, the rise in labour costs was attributed to increases in both wages and non-wage costs.
Specifically, hourly wages and salaries saw a 4.4 per cent increase, while non-wage labour costs rose by 6.4 per cent over the year.
The Cyprus Borrowers Association (Syprodat) this week expressed “disappointment, discouragement, and a sense of failure” among trapped buyers, who are effectively paying off the debts of property developers from whom they purchased their homes.
Trapped buyers, despite fulfilling their financial obligations and paying the full purchase price for their properties, have not received full ownership due to delays in obtaining title deeds.
Without these deeds, buyers remain vulnerable, as developers’ unresolved loan obligations could result in the foreclosure of the properties in question.
According to the association, “many buyers have already fully repaid their loans but remain burdened by the developers’ financial obligations”.
In a statement, Komodromos outlined the government’s vision for Cyprus to become a regional centre for technology and innovation, saying that Cyprus is currently in its strongest position to pursue this goal.
“The vision of establishing Cyprus as a regional hub for innovation and technology is closely linked to the country’s digital transformation and the creation of a comprehensive digital ecosystem,” said Komodromos.
“The government”, he explained, “has made significant strides through reforms that have strengthened the country’s reputation for stability and potential”.
Moody’s noted that Eurobank’s newly acquired 55.9 per cent stake in Hellenic Bank, the second-largest bank in Cyprus, adds to its existing presence in the country.
Eurobank’s Cyprus subsidiary primarily focuses on corporate lending and private banking, whereas Hellenic Bank’s strong retail banking franchise complements this business model.
This acquisition comes as Moody’s revised Eurobank’s outlook from stable to positive for its Baa2 rating on unsecured debt and long-term deposits.
A delegation from the Association of Cyprus Banks is currently in the United States, visiting Washington DC and New York, to highlight the progress of the Cypriot banking sector in anti-money laundering (AML), regulatory compliance, and sanctions implementation.
The delegation, which includes compliance officers from member banks, will be meeting with independent organisations, politicians, regulators, banks, and members of the media.
This visit forms part of the association’s ongoing campaign to enhance the international reputation of the Cypriot banking system, particularly in major financial centres like the US and Europe.
The Cyprus Stock Exchange (CSE) ended Tuesday, September 17 with losses.
The general Cyprus Stock Market Index was at 183.78 points at 12:47 during the day, reflecting a decrease of 0.10 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 111.88 points, representing a drop of 0.13 per cent.
The total value of transactions came up to €207,610, until the aforementioned time during trading.
In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 0.07 per cent, 0.34 per cent and 0.75 per cent respectively. The hotel index remained unchanged.
The biggest investment interest was attracted by the Bank of Cyprus (no change), Hellenic Bank (+0.29 per cent), Salamis Tours (no change), Petrolina (-1.22 per cent), and Logicom (no change).
