Patsalides’ comments were delivered in his introduction to the CBC’s economic bulletin for June 2024, where he highlighted the positive economic indicators that underscore Cyprus’ robust economic performance.
In the bulletin, Patsalides noted that the growth rate in the first quarter of 2024 exceeded expectations, while unemployment dropped to 6 per cent, marking its lowest level since 2009.
The CBC governor also said that “geopolitical developments, climate change, and the critical yet unpredictable technology sector are key supervisory priorities in recent years, which banks need to address to maintain their strength, resilience, and competitiveness”.
“Strengthening corporate governance is a fundamental requirement for achieving these goals,” he added.
According to a statement from the bank, the initiative aims to recognise and support borrowers who have been consistent in their repayment schedules, particularly in light of previous interest rate hikes by the European Central Bank (ECB) and Euribor.
Under the new programme, the bank will allocate a total of €3 million in reward points through its corresponding reward card scheme in January 2025.
“These points can be redeemed for purchases at hundreds of participating businesses,” the bank said.
It added that “the benefits of rewarding diligent borrowers, who are members of the Pronomia programme, are multi-faceted”.
“The scheme not only enhances the purchasing power of individual clients but also indirectly supports the bank’s business customers participating in the reward scheme”, the bank explained.
According to the report, which utilised figures from the District Labour Offices, the number of registered unemployed at the end of July 2024 reached 11,877.
Moreover, seasonally adjusted data, which reflects the trend in unemployment, indicates that the number of registered unemployed stood at 11,109 during this time, maintaining a similar level compared to the previous month (11,112).
In addition, the number of unemployed increased for the first time since May 2023 during June of this year.
Compared to July 2023, there was a decrease of 1,310 individuals, a drop of 9.9 per cent.
The signing of the MoU aims to enhance collaboration within their respective areas of expertise, according to an official announcement.
“The MoU marks a significant step forward in strengthening the cooperative relationship between the two organisations,” the announcement said.
“The agreement aims to foster synergy within the framework provided by their respective domains of responsibility,” it added.
According to the foundation, the “pre-deed programme is designed to accelerate the growth of startups by providing funding for various early-stage activities”.
These, the announcement continued, include initial operational costs, staff recruitment, prototype development, business plan formulation, and marketing and branding initiatives.
It should be noted that the maximum funding available per project is €119,999.
In addition, proposals must be submitted through the IRIS platform by the programme’s deadline of November 1, 2024.
Specifically, the agreement involves the provision of consulting services related to the competitive tender process for the development of the Paphos Marina.
“After many efforts, a project of vital importance for the Paphos district is entering the implementation phase,” Evep said.
In more detail, the Deputy Ministry of Tourism and Deloitte Triton Paphos Marina Consortium last week signed a 30-month contract to oversee the tender process for the Paphos marina development.
The Cyprus Stock Exchange (CSE) ended Monday, August 5 with losses.
The general Cyprus Stock Market Index was at 162.88 points at 14:12 during the day, reflecting a decrease of 5.58 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 99.14 points, representing a drop of 5.62 per cent.
The total value of transactions came up to €753,062, until the aforementioned time during trading.
In terms of the sub-indexes, the main, alternative and investment firm indexes decrease by 6.91 per cent, 0.46 per cent, and 6.17 per cent respectively. The hotel index remained unchanged.
The biggest investment interest was attracted by Vassiliko Cement Works PLC (+0.55 per cent), the Bank of Cyprus (-6.68 per cent), Hellenic Bank (-9.09 per cent), Demetra (-6.3 per cent), and Logicom (-3.8 per cent).
