Economy - Page 40

Central Bank warns against weakening foreclosure law

Cyprus Central Bank governor Constantinos Herodotou on Friday warned MPs against tampering with the foreclosures law which could lead to further delays in banks tackling toxic mortgages. Herodotou urged MPs to focus

5th February 2021

Cyprus/Economy

Cyprus yields €1 bln from international markets

Despite the pandemic, international markets have shown their trust in Cyprus’ economy, as the country generated €1 bln from the sale of a five-year Euro Medium Term Note (EMTN) with the lowest

2nd February 2021

Economy/Markets

Euro area jobless rate at 8.3%, Cyprus 7.3%

In December, the euro area seasonally-adjusted unemployment rate was 8.3%, up from 7.4% in 2019 while in Cyprus the jobless figure was similar at 7.3%, according to Eurostat. The EU unemployment rate

1st February 2021

Economy/Europe

Cyprus economy to rebound 4.5% GDP in 2021

Finance Minister Constantinos Petrides expects to see the Cyprus economy bounce back from the pandemic with 4.5% GDP growth in 2021 following a 5.5% contraction during last year’s health crisis. Addressing Invest

28th January 2021

Cyprus/Economy

State budget passes after bumpy ride

Following its unprecedented rejection, Cyprus’ revised 2021 budget was narrowly approved by parliament with the government relieved to see millions for coronavirus support unlocked. The €17.1 bln budget was passed on Thursday

22nd January 2021

Cyprus/Economy

Cyprus to expand mortgage relief scheme

Cyprus is looking into ways of expanding a relief scheme subsidising borrowers with toxic mortgages to cover borrowers who failed to make the first cut, as they were found unviable. Acting government

20th January 2021

Cyprus/Economy

Cost of bricks up 23%, asphalt down 20%

The cost of bricks jumped by a quarter last year, together with other construction materials, driven by the Covid-driven slowdown in global supplies, as well as the drop in crude prices that

19th January 2021

Economy

Tourism needs radical reform to drive recovery

The writing is on the wall – if Cyprus continues to put all its eggs in one basket and does not diversify its tourism product, it will face the same fate as

17th January 2021

Economy/Editorial

COVID19: Lockdown II will test Cyprus banks

Although the government has announced financial support to buffer the effects of a second lockdown, there is a larger credit-negative economic effect for Cyprus banks as the pandemic endures. The lockdown measures

14th January 2021

Cyprus/Economy

Building permits declined 15.5% in October

Construction activity declined in October with approved building permits dropping 15.5% to 583 from 690 in the previous month of 2020, although Nicosia and Famagusta districts made gains. According to official data

14th January 2021

Cyprus/Economy