Author: Web Desk

Cypriot Minister of Foreign Affairs, Nikos Christodoulides, has expressed to his Chinese counterpart Wang Yi his appreciation for China’s firm stance in support of a solution to the Cyprus issue based on the relevant UNSC resolutions.

In a Twitter post, the Minister described their telephone conversation as “cordial”, noting he had the opportunity to brief Wang on “deliberations during @UN  talks on #Cyprob in #Geneva & exchange views on way ahead”.

He also “expressed appreciation for #China`s firm stance in support of solution based on rel.

Source: Cyprus News Agency

UK sources have indicated that Foreign Secretary Dominic Raab did not deviate from the UN parameters regarding the settlement of the long-standing Cyprus issue during this week’s informal talks in Geneva.

A report by the Turkish Service of the BBC World Service suggested that Mr Raab presented two different proposals to the Turkish and Greek Cypriot sides during the Geneva meeting.

The first proposal envisaged the creation of a decentralized federation, while the second proposal was said to be based on the idea that Greek and Turkish Cypriots should mutually recognise each other`s existence, and Northern Cyprus should be regarded as a part of the EU but not have an international recognition.

Source: Cyprus News Agency

Non-performing loans (NPLs) in the Cyprus banking system rose marginally in January 2021, pushed upwards by interest capitalization at the end of the year.

According to data released by the Central Bank of Cyprus (CBC), NPLs, as defined by the EBA, amounted to €5.13 billion in January 2021, from €5.11 billion in end-2020, with the NPL to total loans ratio remaining unchanged at 17.7%.

In January loan repayment began after the nine-month payment holiday affecting €11.7 billion ended in December 2020, while a new moratorium covers a much smaller amount of loans.

Loan in arrears over 90 days (excluding restructured loans) also rose marginally to €3.95 billion from €3.94 billion in December 2020, the CBC said.

Total accumulated provisions in the banking system amounted to €2.55 billion in January 2021, of which €2.37 billion cov

Source: Cyprus News Agency

The Index of Industrial Output Prices recorded an annual decrease of 1.8% in March 2021 compared to the same month a year ago.

According to the Statistical Service of Cyprus, the Index of Industrial Output Prices for March 2021 reached 101.5 units (base 2015=100), recording an increase of 0.2% compared to February 2021.

Compared to the corresponding month of the previous year, the index recorded a decrease of 1.8%. For the period January-March 2021, the index showed a decrease of 2.8% compared to the corresponding period of 2020.

In March 2021 compared to February 2021, the index remained stable in the sector of mining and quarrying, while it showed a rise in the sectors of manufacturing by 0.3% and water supply and materials recovery by 2.6% and a decrease in the sector of electricity supply by 0.7%.

Source: Cyprus News Agency

The Cyprus Residential Property Price (RPPI) Index marked its second marginal consecutive quarterly reduction in the fourth quarter of 2020, with the government’s interest rate subsidy scheme offsetting the negative impact of the COVID-19 pandemic and reduced demand due to the termination of the Cyprus Investment Scheme, the Central Bank of Cyprus (CBC) has said.

The RPPI compiled by the CBC in the fourth quarter of 2020 marked a quarterly reduction of 0.2% following a decline of 0.

Source: Cyprus News Agency