The Economic Sentiment Indicator (ESI) for February compiled by the University of Cyprus Economics Research Centre (ERC) dropped marginally due to reduced confidence among consumers.   The ESI declined by 0.5 units to 108.6 in February from 109.1 in January. “The decline in consumer confidence in February, compared with the previous month, comes from more

The Public Debt Management Office of the Ministry of Finance sold retail bonds worth EUR 14.1 mln through 85 offers that had been submitted for the March series.   The PDMO said that of the 85 applications accepted, 81 were submitted by Cypriots and four by foreign investors, with the latter raising EUR 10 mln.

The Public Debt Management Office announced that during Monday’s 13-week Treasury Bills Auction, tenders for a total amount of EUR 117 mln were submitted, out of which 100 mln were accepted with a weighted average yield of 0.58%. The accepted yields ranged between 0.35% and 0.68%.

Tourism revenue rose by 4.4% year-on-year in 2015, according to the Statistical Service, with total earnings estimated at EUR 2.11 bln, compared to EUR 2.02 bln in 2014. On the basis of the results of the Passenger Survey, revenue from tourism reached EUR 52.6 million in December 2015 compared to EUR 43.7 mn in the

Hellenic Bank closed 2015 with a bigger, healthier balance sheet and a reducing trend in non-performing loans, it announced on Friday.   Despite the difficult and challenging economic environment and the increased requirements of the Single Supervisory Mechanism (SSM), 2015 was a profitable year for the bank, according to the preliminary results approved by the

Bank of Cyprus reported losses of EUR 438 mln for 2015, according to the preliminary financial results released by the board, having raised provisions for impairment of loans by EUR 600 mln during the fourth quarter of 2015, and increasing its coverage ratio to 50%.   However, the bank said in an announcement that after

The Co-operative Central Bank (CCB), bailed out by the state to the tune of EUR 1.5 bln, and recapitalised by a further 175 mln last year, reported a net profit of EUR 60.6 mln in the fourth quarter of 2015, reducing the impact from losses incurred due to increased requirements by the Single Supervisory Mechanism

* High stock of NPLs starting to reduce Central Bank Governor Chrystalla Georgadji has said she is optimistic about the course of both the economy and the banking system, as the island edges closer to its exit from its three-year economic adjustment programme, which expires in March.   In an interview with the Cyprus News

The two main consortia that have won the three tenders for the commercialisation of Limassol port will pay a license fee of EUR 10 mln, and an additional 9.1 mln in annual royalties.   Last Thursday, Transport Minister Marios Demetriades announced the preferred tenderers of the commercialisation of activities of the Limassol Port, who will