“Cypriot banks have further reduced their dependence on less stable depositors abroad and improved their loan-to-core deposit ratios, thereby increasing the funding stability of the Cypriot banking system,” the credit agency said.

The outlook for both the BoC and its holding company Bank of Cyprus Holdings PLC was assessed as stable.

"We believe that the economic environment in Cyprus will remain supportive and that banks' efforts to improve their efficiency will partially offset the impact of falling interest rates," the agency added.

Cyprus' trade deficit amounted to EUR 8.13 billion in 2024, improving from EUR 8.47 billion in 2023, according to preliminary data from the Statistical Office.

This came despite a sharp increase in total imports of goods in December, which rose 37.8 percent to 1.31 billion euros, compared to 954.1 million euros in December 2023.

The sharp increase in imports was largely due to the transfer of economic ownership of ships and aircraft, which jumped to EUR 372.5 million, a dramatic increase from just EUR 4.8 million the previous year.

According to a report by the Statistical Office, vehicle registrations in Cyprus decreased by 3.9 percent in January 2025, reaching 4,077 compared to 4,243 in the same month last year.

New registrations of passenger cars with sedans fell by 7.4 percent to 3,176, compared to 3,430 in January 2024.

Of these, 49.3 percent were new cars and 50.7 percent were used cars.

Gasoline-powered passenger cars accounted for 42.4 percent of total registrations, compared to 48.7 percent in the previous year. The share of diesel vehicles fell from 10.3 percent to 8.1 percent.

In contrast, the share of electric vehicles increased from 2.4 percent to 5.6 percent and that of hybrid vehicles from 38.7 percent to 43.9 percent.

The Central Bank of Cyprus (CBC) has issued a warning about the risks associated with investing in crypto assets, stressing the need to maintain financial stability and protect consumers.

In a statement, the CBC advised the public to "exercise caution before investing in crypto assets given the risks that could result in significant financial loss and fraud."

The CBC also acknowledged the ongoing development of blockchain technology, pointing to its potential applications in payment systems and the development of central bank digital currencies (CBDCs).

However, it was pointed out that “despite optimism about the potential of blockchain technology, the practical utility of crypto assets remains questionable.”

Logicom Public Limited has announced the completion of the sale of 13,729,704 shares representing 3.326 percent of Hellenic Bank held by its subsidiary Logicom Services to Eurobank SA.

By selling its shares in Hellenic Bank, Logicom obtained a total amount of €66,492,956.47, as the contract with Eurobank SA provided for a price of €4.843 per share.

Following its previous announcement on November 25, 2024, Logicom Public Limited confirmed that its subsidiary Logicom Services Limited has officially completed the transaction with Eurobank SA

The deal included the sale of 13,729,704 shares of Hellenic Bank, representing 3.326 percent of the bank's share capital, for a total of EUR 66,492,956.47 at a price of EUR 4.843 per share.

The electricity supply company EAC began the long-awaited installation of smart meters on Monday, spokeswoman Christina Papadopoulou announced.

Smart meters would enable the public to monitor their energy habits and consumption, provide accurate and immediate billing, and efficiently detect and resolve faults, Papadopoulou said.

Replacing the meters is expected to require a brief power outage at the facility lasting about 20 minutes, she said.

The EAC teams will work mainly in the afternoons and on weekends. Their goal is to install 500,000 meters by 2028.

Deputy Minister for Research, Innovation and Digital Policy Nikodemos Damianou will attend an international summit on artificial intelligence (AI) on Monday to increase cooperation to ensure the safe use of the technology.

According to the ministry, Cyprus is actively participating in these international efforts and is focused on seizing the global opportunities of the AI sector and addressing the challenges associated with it.

To this end, a Special Committee on Artificial Intelligence (AI Task Force) was recently established in Cyprus to promote the development, integration and wider use of AI applications on the island, the ministry added.

The deputy ministry said that the increased use of AI would strengthen the economy, ensure competitiveness and improve the quality of life of citizens.

A yacht club with outdoor green spaces, footpaths, cycle paths and pedestrian routes within the Larnaca marina area was the subject of the first meeting convened on Friday to mark the architectural competition for the club.

The Ministry of Transport confirmed the announcement of the competition following corresponding cabinet decisions.

The subject of the competition will be the design of the yacht club building and the outdoor areas of the marina area.

“Larnaca and Paphos airports welcomed 551,439 passengers in January 2025, an increase of 6.81 percent compared to 2024,” the Ministry of Transport announced.

Larnaca Airport recorded a 12.7 percent increase in passenger arrivals compared to 2024, while Paphos Airport recorded a -7.24 percent decrease compared to last January.

The most important country markets in January were Great Britain, Greece, Israel, Poland and Germany.

Air traffic increased by 10.32 percent or 5,346 flights compared to the previous year.

Given the shortage of natural gas and the lack of storage options for electricity from renewable energies, electricity prices are unlikely to fall in the next two years, the head of the state-owned energy supplier said on Monday.

Giorgos Petrou, Chairman of the Electricity Authority of Cyprus (EAC), made these remarks at the House of Representatives Finance Committee, which reviewed the organization’s budget for fiscal year 2025.

Without further penetration of the energy mix by renewable energy sources, the creation of storage capacities or the introduction of natural gas, prices for end consumers – households and companies – would not fall.

Petrou appeared to repeat similar remarks made by the Energy Minister at the end of January.

The Cyprus Stock Exchange (CSE) closed with losses on Monday, February 10.

The general Cypriot stock market index stood at 223.93 points at 12:20, a decrease of 0.17 percent.

The FTSE/CySE 20 index was at 135.93 points, a decrease of 0.18 percent.

The total value of transactions up to the above-mentioned trading time amounted to 112,226 euros.

Among the sub-indices, the main index fell by 0.27 percent, while the alternative index rose by 0.15 percent. The indices for hotels and investment companies remained unchanged.

The greatest investment interest was in the Bank of Cyprus (-1.2 percent), the Hellenic Bank (+0.42 percent), Demetra (no change), the Cyprus Cement Company (no change) and the Vassiliko Cement Works Public Company (no change).





Author: Kyriacos Nicolaou
CyprusMail.com
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