The annual inflation rate in Cyprus was 6.1% in March, down from 6.7% in February, according to data published by Eurostat. The Harmonized Index of Consumer Prices (HICP) rose by 6.1% since March 2022 and by 6.5% for the three months of January to March compared to the same period last year. Compared to March
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The government is considering removing VAT on some foodstuffs to relieve households from inflationary pressures and a hike in interest rates. Despite March seeing the lowest inflation rate for 13 months, households continue to feel the cost-of-living pinch as they spend more on food. According to the Cyprus Statistical Service (CyStat), Inflation in March retreated
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President Nikos Christodoulides will visit fellow EU member states to encourage more active European involvement in breaking the six-year deadlock in Cyprus problem talks. “We consider the situation at this juncture favours the resumption of talks. “And the presence of the EU in breaking the deadlock, EU involvement, is something we deem which will be of decisive importance,” Christodoulides
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The Bank of Cyprus is the first bank in the country and Greece to receive approval from the European Central Bank (ECB) to pay dividends. The lender is expected to resume paying dividends to its shareholders after 12 years, following the 2013 financial crisis in which depositors were given a ‘haircut’ to secure international loans.
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Chevron is seeking a drilling ship to explore for natural gas off Cyprus, Egypt and Israel as the US energy major looks to meet growing demand in the region and Europe. Chevron, which operates in the three eastern Mediterranean countries, issued a lease tender seeking a drilling vessel in 2024 for a year with an
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Cypriot individuals and entities on the UK and US sanctions list will see their assets in the banking system frozen and unable to carry out any transactions in Cyprus. This was confirmed by Marios Skandalis, Chief Compliance Officer of Bank of Cyprus, the island’s largest lender. Last week US Department of Treasury and the UK
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Cyprus is committed to prosecuting any Cypriots accused by the US and Britain of enabling Russian oligarchs to bypass sanctions over Ukraine, government spokesperson Constantinos Letymbiotis said Tuesday. Ten Cypriot-born ‘financial fixers’ have been sanctioned by the UK and the US for allegedly helping Russian oligarchs hide their assets following sanctions imposed on Moscow for
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Tourist arrivals increased for the third consecutive month this year, with the number of holidaymakers in March rising 43% year on year to 184,263. This was up from 119,081 in February from 71,921 in the same month last year, an increase of 65.6%, with the UK accounting for a quarter of these arrivals. The Statistical
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By Lukman Otunuga, Senior Research Analyst at FXTM Asian shares finished mixed on Tuesday, shrugging off the initial boost from China’s better-than-expected Q1 GDP as signs of an uneven recovery stalled risk taking. The world’s second largest economy smashed forecasts by expanding 4.5% in the first quarter from a year earlier. However, the disappointing readings
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Cyprus has recorded its warmest day of the year, with temperatures rising to a scorching 34C inland, following Easter Monday’s 32C, but will subside from Wednesday to normal levels of 24-26C. The public took advantage of the higher-than-normal temperatures over Greek Orthodox Easter weekend, and many fled to outdoor sites, some even taking their first
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