The Central Bank of Cyprus (CBC) initiatives on non-performing loans (NPLs) aim to ensure that the Cyprus banking system will be ready to deal with not only existing NPLs, but also the negative consequences that may arise from a possible future increa…
Category: Market
IMF calls for continued vigilance as risks to financial stability increase
International Monetary Fund chief Kristalina Georgieva has said that risks to financial stability have increased and called for continued vigilance although actions by advanced economies have calmed market stress.The IMF managing director reiterated on…
Larnaca Chamber of Commerce and Industry aims to make the city an attractive investment destination, its Director tells CNA
The broader objective of the Larnaca Chamber of Commerce and Industry (LCCI) is to make Larnaca a qualitative and attractive investment destination, the Director and Secretary of the Chamber Charalambos Andreou has told CNA.He added that “the Chamber …
Russian company unveils ChatGPT competitor
Moscow-based company Sistemma has created its own competitor to OpenAI’s ChatGPT, which runs entirely on domestic servers and in the Russian language. The project was unveiled on Sunday on the IT company’s official site.The AI is called SistemmaGPT (G…
Economic Policy Uncertainty in Cyprus slightly higher this winter, UCY Economics Research Centre says
The level of uncertainty measured by the Cyprus Economic Policy Uncertainty (EPU) index was on average slightly higher during winter 2022-23 compared to autumn 2022.According to the Economics Research Centre (ERC) of the University of Cyprus (UCY), du…
NPLs down to 9.5% of total loans at the end of 2022, Cyprus Central Bank data show
Non-performing loans decreased to 9.5% of total loans at the end of 2022, according to data released on Friday by the Central Bank of Cyprus (CBC). At the end of 2021, NPLs stood at 11% of the total loans.At the end of 2022 total loans amounted to pou…
Cyprus GDP growth estimated at 2.6% in 2023, Central Bank says
The Central Bank of Cyprus (CBC) has marginally upgraded its projections for GDP growth this year citing the slightly improved prospects in the external economic environment and the anticipated lower energy prices, amid the continued war in Ukraine.In…
The goal is to increase tourist arrivals by 5% to 10%, Cyprus’ Deputy Minister of Tourism says
Cyprus’ Deputy Minister of Tourism, Kostas Koumis on Wednesday, said the goal was increasing tourist arrivals in 2023 by 5% to 10% compared to 2022. Speaking at the annual conference of the Association of Tourist Enterprises (ACTE), he said that they …
CCLEI down 0.9% in February, indicates slowdown of Cypriot economy but no recession
The Cyprus Composite Leading Economic Index1 (CCLEI) recorded a year-over-year decrease of 0.9% in February 2023, following the year-over-year decreases of 3.1% in January, and 3.7% in December 2022, according to recent and revised data. According to …
Larnaca and Limassol the cities with the highest use of methamphetamine in Cyprus, according to a European study
Larnaca and Limassol are the cities with the highest use of methamphetamine in Cyprus according to a Wastewater analysis and drugs – European multi-city study, that was conducted in more than 100 cities. Moreover, there is an increase in the use of co…