Liquidity of Cyprus banks has reached an all-time high as they now possess €15.1 bln more in deposits than loans, a long way from the dark days of 2013. According to the latest Central Bank data, as of December 2019 deposits in the country’s banks exceeded loans by €15.1 bln, remaining at the highest levels
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By Hussein Sayed, Chief Market Strategist at FXTM During this time of the year, it’s usually the earnings season that drives investment decisions. However, it’s the rising concerns over an outbreak of the deadly coronavirus that is currently dictating market moves. The number of confirmed cases has spiked to almost 8,000 and the death toll
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Italy has underlined its full solidarity with Cyprus over Turkey’s continued illegal drilling activities for gas in Cypriot waters. A joint statement issued by Foreign Ministers Nikos Christodoulides and Luigi Di Maio, in Rome, also notes that the delimitation of exclusive economic zones and continental shelf should be addressed through dialogue, with respect for international
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Cypriot economic sentiment improved in January spurred on by stronger business confidence in the services sector, according to the University of Cyprus index. In January, economic sentiment in Cyprus advanced as the Economic Sentiment Indicator (ESICypERC) increased by 3.3 points to 111.7 from 108.4 in December 2019. The increase resulted primarily from stronger business confidence
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President of France Emmanuel Macron sent a message of support to Greece and Cyprus in the face of Turkey flouting international law in the region. In joint statements with Greek Prime Minister Kyriakos Mitsotakis, paying an official visit to Paris, Macron said France supports Greece and Cyprus in respecting their sovereign maritime rights, denouncing Turkish
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The 2008 financial crisis hit Cypriot banks extraordinarily hard, leaving the sector with an NPL-ratio soaring to a frightening level of 54% in 2014. In subsequent years, the ratio was reduced to 29.8% (June 2019), with the fastest decrease of -32.2% recorded between Q3 2017 and Q3 2018. Debt servicing company APS said it has
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Turkish Cypriot leader Mustafa Akinci may not make the run-off in April elections in the breakaway north of the island with hardliners on the Cyprus problem likely to triumph, according to opinion polls. A recent opinion poll conducted by Turkish Cypriot daily Kibris Postasi shows Akinci will not make it through to the second round in 26
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Calling witnesses – including former national security adviser John Bolton – to President Trump’s impeachment trial is likely to cause short-term volatility in financial markets. This is the warning from Tom Elliott, International Investment Strategist at deVere Group, one of the world’s largest independent financial advisory and services organisations. It comes as the impeachment trial
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Land developers argue that liquidity-rich Cyprus banks are making life difficult for young couples who want to buy a first home by denying them a loan. As developers are relying more on Cypriot buyers, young couples are finding it difficult to secure financing to purchasing a house or a flat. The Land Developers Association during
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Cyprus is failing its green credentials by staying at the bottom end of Europe for electricity generated from renewable sources, consumption of alternative energy and using RES in transport. The share of total gross electricity consumption in the EU which is generated from renewable sources is increasing steadily year-by-year but Cyprus is lagging, the latest
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