Pure new bank lending in Cyprus declined by 33% in March compared with the previous month, as the lockdown to curb the spread of the coronavirus outbreak began to bite. According to the Central Bank of Cyprus (CBC) data, pure new lending declined to €131 mln in March compared with €196 mln in February. However,
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In the post-virus transition period, countries will move from saving lives to opening up their economies. The full extent of economic dislocation and devastation that will follow this crisis is not yet known. What we do know is that thousands of businesses have had to curtail or cease operations. Factories have stopped producing. Retail stores
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Cyprus reported another five cases of COVID-19 on Wednesday from 2,062 tests that were carried out, taking the total since the outbreak to 883 (including 10 in the British Bases). Two cases were identified from 97 tests carried out on contacts of known coronavirus cases in the context of tracking and tracing. Three people were
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Construction work of the casino project in Limassol resumed on Wednesday after COVID-19 lockdown, setting a course to deliver Europe’s largest Integrated Casino Resort (ICR). Melco, the owner of 75% of ICR Cyprus which is developing and operating the City of Dreams Mediterranean Casino, announced work on the site has picked up from where it
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All Cyprus schools will reopen on 21 May with the school year extended until June 26, but students are worried about a lack of COVID-19 safety precautions in class. Following Wednesday’s cabinet meeting, Education Minister Prodromos Prodromou said that all schools, including nurseries and private teaching institutes, will reopen on May 21. This date signals
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Cyprus will allow cruise ships to dock in it ports only for refuelling purposes, as it relaxes restrictions imposed in March due to the coronavirus pandemic, while operators and shipowners may also bring their vessels to the island for a ‘hot lay-up’. During a ‘hot’ lay-up, the vessel is out of service but can be
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Cyprus is heading for a tough economic recession with GDP growth in 2020 to decline -7.4% while public finances will deteriorate with a -7% deficit, according to the EU. Inflation is set to remain subdued, domestic demand is expected to fall moderately while exports will plummet, according to the European Commission Spring Economic Forecast for
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Cyprus pharmacies have little to no supply of surgical masks amid calls by health experts for the public to wear them as a COVID-19 self-protection measure post-lockdown. President of the Pharmacists Association Eleni Piera told the Cyprus News Agency on Wednesday said that a shortage of face masks was recorded during the first stage of
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A 23-year-old man was held in police custody for eight days by a Larnaca district court on Wednesday on suspicion of manslaughter after his sister, 21, was shot and killed with an army rifle. The Greek Cypriot claimed he shot his sister by accident at their home in the village of Klavdia, outside Larnaca, while
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Cyprus is ready to extend the exploration contracts of the Italian French Eni-Total consortium after the energy giants postponed drilling off the island due to the impact of the coronavirus pandemic. This is the view of Andreas Kyprianou, chairman of the Parliamentary Energy Committee. Energy Minister George Lakkotrypis briefed the committee on the latest developments
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