FINANCE: Cyprus credit spending spiked 16% in April to EUR 260 mln

A strong 16% increase was recorded in credit card transactions during April, reflecting the continuous recovery in consumption, while tax and other online payments to the state played a significant part in the upswing.

According to new JCC data, the value of Cyprus credit card transactions in the domestic market increased by 16% in April to Euros 260.6 mln compared to last year. This follows on from an overall 33% hike in 2018.

In the first four months (January to April) Euros 1.28 bln has been spent using credit cards, an increase of 30% compared to the same period last year.

The sectors that witnessed the largest volumes were government payments, utilities, supermarkets, restaurants, bars. Meanwhile, there was a decrease in plastic money spent on airline tickets and household appliances.

Government sector increases were due to the Inland Revenue Department payments and without these payments, the total monthly increase would be reduced to 11% for April.

Sales and cash withdrawals of Cypriots with credit cards abroad, including online purchases, was up 11% to Euros 149.1 mln in April.

Foreign card transactions (sales) increased 17% in April to Euros 94.8 mln for the year to date it was also up 22% to Euros 292.8 mln.

Cyprus cards used in Turkey and the occupied north of the island reached Euros 2.2 mln in April and a combined Euros 7.4 mln for the first four months.

Source: The Financial Mirror