Month: March 2022

The average gross monthly earnings of employees during the fourth quarter of 2021, amounted to €2,341 compared to €2,259 during the fourth quarter of 2020, recording an increase of 3.6%.

Based on provisional data published by the Statistical Service of Cyprus , the average gross monthly earnings during the fourth quarter of 2021, seasonally adjusted, are estimated at €2,062 and compared to the third quarter of 2021 they are increased by 1.1%.

The average gross monthly earnings of male employees during the fourth quarter of 2021 are estimated at €2,489 and of female employees at €2,157. Compared to the fourth quarter of 2020, the average gross monthly earnings of male and female employees recorded an increase of 3.4% and 3.8% respectively.

Source: Cyprus News Agency

The President of the Republic, Nicos Anastasiades, said that Cyprus and Italy share strong bonds of friendship during a formal ceremony held at the Presidential Palace on Thursday, receiving the credentials of the new Ambassador of Italy, Ms Federica Ferrari Bravo.

President Anastasiades noted that Cyprus and Italy share strong bonds of friendship, which go back in history, adding that the Venetian era bridges, as well as the emblematic Venetian walls of Nicosia, witness the rich and continuous cultural interaction of our peoples. “The strong cross-cultural links between our two countries are also testified in the work of the great poets of the Italian Renaissance such as Dante, Boccaccio and Petrarca”, he said.

He went on to say that the Republic of Cyprus and the Italian Republic, both Member States of the European Union, have expanded and intensified their cooperation in a wide range of fields, through a dynamic dialogue on a bilateral, European and international level.

“We consider Italy to be one of Cyprus’ most valued partners as we work together to address the most pressing challenges Europe is currently faced with and attain shared goals”, said Anastasiades.“Moreover, sharing the same objectives on the future of our common Mediterranean Sea, our active participation in the Med Group provides us the platform to tackle common challenges and realities that affect our region”, he added.

Furthermore, President Anastasiades expressed his strong support and respect to the territorial integrity, sovereignty and independence of Ukraine. “What is of utmost importance at this point is to secure, through diplomacy and dialogue, the immediate ceasefire to stop the tragic loss of innocent lives”, he said, adding that Cyprus and its people have their own tragic experiences of foreign invasion, following the illegal Turkish military invasion and occupation since 1974.

He also expressed his deep appreciation for Italy’s principled stance on the Cyprus issue and its consistent support on our efforts to reach a comprehensive settlement, based on a bi-communal, bi-zonal federation, with political equality as defined in UN resolutions. President Anastasiades pointed out that Turkey continues unabated with its illegal plans in the fenced area of Varosha, in full defiance of the relevant Security Council resolutions.

He stated that he remains focused in creating conducive conditions for the resumption of the negotiating process the soonest possible, by putting forward a proposal consisting of win-win and far-reaching Confidence Building Measures to end the ongoing impasse and pave the way for peace talks to resume.

President Anastasiades expressed his “strong commitment and determination to engage once again in results-oriented negotiations for a settlement on the Cyprus issue that will address the legitimate concerns and safeguard the rights of both sides”.

Source: Cyprus News Agency

Cyprus and the German Public Consulting Company, PD on Thursday signed a memorandum of understanding, aiming to set up a consulting company base on the German model.

According to a press release issued by the Cypriot Finance Ministry, the MoU was signed during a visit of Cypriot Finance Minister Constantinos Petrides in Germany, at the invitation of his German counterpart, Christian Lindner.

In a meeting today, Lindner and Petrides discussed the economic fallout of the war in Ukraine, the state of play and the challenges facing Europe, placing special emphasis on the inflationary pressures and the drafting of suitable fiscal and energy policies.

The German PD, Berater der öffentlichen Hand Gmbh, is responsible for promoting reforms, project management, and the digitisation process in the public and broader public sector.

According to the Cypriot Finance Ministry, the MOU aims to promote cooperation between the two countries with the aim to set up a consulting company on the basis of the German model, rendering Cyprus the first among the European countries to participate in a network of specialised services in issues pertaining to reform and digitisation of the public sector.

The press release said the Cypriot Finance Minister aims to submit a proposal to the Council of Ministers for the establishment of the Cypriot entity in April.

Source: Cyprus News Agency

The President of the Republic, Nicos Anastasiades, expressed his commitment to a settlement of the Cyprus issue during a formal ceremony held at the Presidential Palace on Thursday, receiving the credentials of the new Ambassador of Luxembourg, Elisabeth Cardoso Jordao.

“Cyprus and Luxembourg enjoy close cooperation and share common EU values and principles. I am confident that during your tenure, we will work constructively together so as to deepen this cooperation even further and extend it into new areas”, said President Anastasiades.

He went on to say that Cyprus and Luxembourg can work even closer together with the aim of addressing jointly and effectively the challenges faced by our common European family.

He also pointed out that “in times of crisis like these, where geopolitical uncertainty, war, uprooting, and human migration are just of the few problems facing Europe today, it is important to recall our own experiences, and draw inspiration from the success story of the reunification of Europe and the founding of the EU”. He added that it is essential to preserve our democracies, our European values, our unity and our solidarity so that Europe can emerge stronger, unified and able to offer stability and prosperity to all of its people.

Furthermore, President Anastasiades expressed his strong support and respect to the territorial integrity, sovereignty and independence of Ukraine. “What is of utmost importance at this point is to secure, through diplomacy and dialogue, the immediate ceasefire to stop the tragic loss of innocent lives”, he said, adding that Cyprus and its people have their own tragic experiences of foreign invasion, following the illegal Turkish military invasion and occupation since 1974.

He also expressed his deep appreciation for Luxembourg’s principled stance on the Cyprus issue and its consistent support on our efforts to reach a comprehensive settlement, based on a bi-communal, bi-zonal federation, with political equality as defined in UN resolutions. President Anastasiades pointed out that Turkey continues unabated with its illegal plans in the fenced area of Varosha, in full defiance of the relevant Security Council resolutions.

He stated that he remains focused in creating conducive conditions for the resumption of the negotiating process the soonest possible, by putting forward a proposal consisting of win-win and far-reaching Confidence Building Measures to end the ongoing impasse and pave the way for peace talks to resume.

President Anastasiades expressed his “strong commitment and determination to engage once again in results-oriented negotiations for a settlement on the Cyprus issue that will address the legitimate concerns and safeguard the rights of both sides”.

Source: Cyprus News Agency

Central Bank of Cyprus maintained the countercyclical buffer (CCyB) for banks and investment firms to 0% of the total risk exposure amount for the period 1 April 2022 to 30 June 2022.

According to a press release issued by the CBC, the decision was taken in accordance with the methodology described in the CBC’s macroprudential policy and covers each licensed credit institution and each investment firm that provides the investment services of dealing on own account or underwriting of financial instruments and / or placing of financial instruments on a firm commitment basis.

Based on the time series ending on 30 September 2021, the gap between the credit-to-GDP ratio and its long term trend (credit-to-GDP gap) based on the broad credit definition is -61.5, while the gap between the credit-to-GDP ratio and its long term trend (credit-to-GDP gap) based on the narrow (bank) credit definition is -58.2, the CBC said.

“Given that the credit-to-GDP gap is lower than 2 percentage points and taking into account the additional indicators that were assessed by the CBC, the benchmark buffer guide is 0% and the CCyB rate remains at 0%,” the CBC added.

Source: Cyprus News Agency

Cypriot health authorities on Thursday reported two deaths due to COVID-19 and 4,349 new cases, bringing the total tally of deaths and infections since the outbreak of the pandemic to 935 and 430,726 respectively.

According to a press release issued by the Ministry of Health, hospitalisations rose to 195, while patients treated in serious condition in Intensive Treatment Units and Advance Care Units remained unchanged to 25.

A total of 96,116 tests were carried out today, with the overall daily positivity rate amounting to 4.52% from 5.72% the day before.

According to the Ministry, the new fatalities concern two men, 62 and 85 years old, who passed away today.

Furthermore, patients receiving treatment in public hospitals rose to 195, of whom 25 are being treated in serious condition. Of the patients in serious condition, 7 are intubated and 18 patients are in Advanced Care Units, the Ministry added.

Data show that 52.31% of the patients treated in public hospitals have no vaccination history, while 13 post-COVID patients who are no longer infectious are intubated in serious condition in Intensive Treatment Units.

According to the Ministry, PCR tests amounted to 3,335 detecting 406 positive cases with a positivity rate of 12.17%, while rapid antigen tests amounted to 92,781 after which 3,493 new infections were diagnosed, resulting to a positivity rate of 4.25%.

In the context of contact tracing, 351 PCR tests were carried out detecting 48 new cases with a positivity rate of 13.68%, while 94 new cases were diagnosed following 839 rapid antigen tests with a positivity rate of 11.02%.

As part of private initiative, 1,654 PCR tests were carried detecting 313 new cases (18.92%), whereas 39,866 rapid antigen tests were conducted, after which 2,570 new cases were diagnosed (6.45%).

In the context of the Ministry of Health’s testing programmes using rapid antigen tests, a total of 52,915 samples were taken detecting 1,373 new infections.

Following 17,201 tests carried out in the various testing sites, 982 new cases were diagnosed with a 5.71% positivity rate.

As part of testing in the education system, 17,130 tests were carried out in primary schools, detecting 134 new infections with a positivity rate of 0.78%, while 9.835 tests were made in high schools detecting 63 new cases resulting in positivity rate of 0.64%. Furthermore 5,661 rapid tests were carried out as part of the test-to-stay process, detecting 60 new cases (1.06%). No infections were traced following 104 tests in special schools.

In the context of testing in elderly homes, 337 samples were taken, detecting 3 positive cases (0.71%), while 3 new cases were diagnosed following 422 tests carried out in the public service (0.89%) and an additional 3 new infections were traced after 337 tests conducted in closed structures (0.89%), the Ministry added

Source: Cyprus News Agency

The non-performing loans rate in the Cyprus banking sector declined to 11.1% of total loans in the end of December 2021 compared with 17.7% in the end of 2020, data released by the Central Bank of Cyprus (CBC) show.

NPLs, as defined by the European Banking Authority, in December 2021 declined to €3,000 million, marking a reduction of €1.24 billion compared with the previous month, while compared with the end-2020, NPLs marked reduction of €2.11 billion.

The reduction compared with the November was mainly due to NPL portfolio sale carried out by Bank of Cyprus (Helix 3) as well as reclassification of an NPL portfolio by Hellenic Bank.

The loan coverage ratio declined to 43.1% from 48% in the previous month, the CBC added.

Furthermore, total loans in end-2021 declined to €27.01 billion from €28,01 billion in the previous month.

Of the total NPLs in end-2020, €1.56 billion were held by households and €1.17 billion belonged to corporates, of which €0,92 billion were held by small and medium-sized corporations.

Since 31 December 2014 NPLs have exhibited a reduction of €24.3 billion or by 89%, the CBC said.

Source: Cyprus News Agency

The President of the Republic, Nicos Anastasiades, said that Cyprus and Portugal have excellent and friendly relations, during a formal ceremony held at the Presidential Palace on Thursday, receiving the credentials of the new Ambassador of Portugal, Vanda Maria Dias Stelzer Sequeira.

President Anastasiades emphasized the “excellent and friendly bilateral relations” between Cyprus and Portugal. “As southern partners, Cyprus and Portugal continue to work closely together in order to promote shared interests and address common challenges within the framework of the European Union”, he added.

Furthermore, President Anastasiades expressed his strong support and respect to the territorial integrity, sovereignty and independence of Ukraine. “What is of utmost importance at this point is to secure, through diplomacy and dialogue, the immediate ceasefire to stop the tragic loss of innocent lives”, he said, adding that Cyprus and its people have their own tragic experiences of foreign invasion, following the illegal Turkish military invasion and occupation since 1974.

He also expressed his deep appreciation for Portugal’s principled stance on the Cyprus issue and its consistent support on our efforts to reach a comprehensive settlement, based on a bi-communal, bi-zonal federation, with political equality as defined in UN resolutions. President Anastasiades pointed out that Turkey continues unabated with its illegal plans in the fenced area of Varosha, in full defiance of the relevant Security Council resolutions.

He stated that he remains focused in creating conducive conditions for the resumption of the negotiating process the soonest possible, by putting forward a proposal consisting of win-win and far-reaching Confidence Building Measures to end the ongoing impasse and pave the way for peace talks to resume.

President Anastasiades expressed his “strong commitment and determination to engage once again in results-oriented negotiations for a settlement on the Cyprus issue that will address the legitimate concerns and safeguard the rights of both sides”.

On her part, the new Ambassador of Portugal, Vanda Maria Dias Stelzer Sequeira, said that Portugal and Cyprus contribute to the richness and diversity of the European Union. “Portugal, as a bridge and pillar of the transatlantic and world-wide vision of Europe; Cyprus, at the crossroads of Europe, Middle East and Africa, as a meeting point for many of the world`s great civilizations“, she said.

Sequeira went on to say that both countries can strengthen their bilateral relations on the basis of their attachment to the sea, the desire to reach out beyond our geographical borders, and the strength of an identity that goes beyond the physical borders of the Nation and finds expression in communities of emigrants in other continents.

“I will do my utmost best to identify new opportunities for closer cooperation to make the relationship between Portugal and Cyprus more fruitful across a whole range of areas, both in traditional sectors, and in more technological and scientific areas such as digital technology, renewable energies and maritime science”, she pointed out.

“I am equally certain that our two countries will continue to strive for everything that unite us in the international context, above all the promotion of multilateralism, respect for human rights, dialogue and cooperation”, she added.

Sequeira said that Portugal believes “in the common goal of an independent, united Cyprus with sovereignty and territorial integrity, in line with the relevant UN Security Council resolutions and the laws and principles of the European Union. A secure, stable and prosperous Cyprus will undoubtedly benefit all Cypriots, as well as Europe and the entire eastern Mediterranean”.

She also pointed out that Portugal and Cyprus share a special relationship with the sea. Portugal encourages a strong participation of Cyprus in the 2022 United Nations Ocean Conference co-hosted by the Governments of Portugal and Kenya and seeking to propel much needed science-based innovative solutions aimed at starting a new chapter of global ocean action, she concluded.

Source: Cyprus News Agency

As a country which was invaded and as a matter of principle, we are obligated to have the position we have been following on the Russian invasion of Ukraine, Cyprus President Nicos Anastasiades said on Wednesday evening, pointing out at the same time that the Republic of Cyprus has nothing against the Russian people. “we are following a single, united policy which is set by the EU,” he noted

President Anastasiades was replying to journalists` questions upon his arrival to an event for the presentation of former House of Representatives President Yiannakis Omirou`s book.

Asked about the Republic of Cyprus` actions for the exploitation of its natural gas reserves, he replied that “we are continuing a policy of exploitation both of our reserves and the region`s.

Source: Cyprus News Agency