The value and volume of turnover in Cyprus’ retail trade saw a notable increase in August 2024 compared to August 2023, according to the Cyprus Statistical Service (Cystat).
Specifically, the retail trade turnover value index increased by 6.9 per cent in August 2024, while the volume index rose by 5.7 per cent compared to the same month last year.
Moreover, for the period between January and August 2024, the value index registered an overall increase of 5.3 per cent, with the Volume Index growing by 3.8 per cent compared to the same period in 2023.
In addition to this, the Cyprus Asset Management Company (Kedipes) has extended its life cycle by three years, with the aim of repaying €3.54 billion in state aid by 2030. This extension followed delays caused by inflation, geopolitical tensions, and the pandemic.
Speaking at a news conference, Kedipes Chairman Lambros Papadopoulos explained that the business plan had an expiry date of 2027, which has now been extended to 2030 due to external factors and divestment suspensions that had delayed full repayment.
Furthermore, Bank of Cyprus has recently introduced the new Funding Amount Calculator, a tool designed to help its clients make informed financial decisions regarding new borrowing. This initiative is part of the Bank’s ongoing commitment to strengthen and promote financial literacy.
The calculator, which is available on the Bank of Cyprus website, is a user-friendly platform that allows customers to calculate the maximum amount of financing they can receive based on their financial data. As a result, users can quickly assess their ability to meet new financial obligations, including housing loans, personal loans, or car rentals.
In recent years, Cyprus has also been transforming itself from a popular tourist destination into a vibrant entrepreneurial hub. Explaining this transformation, Stepan Kuzmin, Co-Founder of TellYourStartup, noted that “In recent years, Cyprus has been quietly reinventing itself,” adding that “Once primarily known as a tourist destination, it is now buzzing with entrepreneurial energy.” According to Kuzmin, “From fintech startups to green energy initiatives, Cyprus is becoming a testing ground for innovative ideas that could shape the future of the region.”
Furthermore, the total value of new loans dropped sharply in August, falling by 33 per cent compared to July.
The latest figures, published on Wednesday, revealed that the interest rate for short-term deposits by households fell to 1.79 per cent, from 1.96 per cent in July. In contrast, the deposit rate for businesses (non-financial companies) increased to 2.33 per cent in August, up from 2.28 per cent the previous month.
As part of its commitment to uplifting IT and tech-related businesses, particularly those with an international mission, Zubr Capital has recently invested in Larixon Classifieds. Investment Director and Partner at Zubr Capital, Viktar Dzenisevich, commented that “As a fund investing in the tech industry, we are excited to see how Larixon Classifieds will continue to develop.” He added, “Their track record in the online classifieds industry demonstrates the immense need for their services, and the proficiency of their team.”
Furthermore, he mentioned that “This industry has shown remarkable stability, even with resilient valuations in the face of global crises like the pandemic. We’re eager to push for even more success through our strategic partnership.”
The Cyprus Stock Exchange (CSE) on Thursday saw the general index down to 188.97 points at noon, marking a decline of 0.73 per cent compared to the previous session.
The FTSE/CySE 20 Index similarly dropped by 0.74 per cent, standing at 115.04 points. Transaction values amounted to €302,016.19.
In terms of individual stock indices, the main market dropped by 0.99 per cent, and the Investment Market recorded a loss of 1.45 per cent.
The alternative market saw a slight gain of 0.26 per cent, while the hotels index remained unchanged.
The most active stocks included Hellenic Bank, with €250,000.45 traded, down 1.03 per cent. Bank of Cyprus followed, with €38,745.74 traded, reflecting a 0.65 per cent drop.
Other notable movers were Demetra, down 1.48 per cent with €4,628.50 traded, Logicom, down 0.69 per cent to €4,032, and KEO, remaining stable with €2,220 in trades.
