Home Insider Economy

Economy

ECB buys €481 million of Cypriot bonds as part of PEPP

  The European Central Bank (ECB) has bought Cypriot bonds amounting to €481 million as part of the €750 billion Pandemic Emergency Purchase Programme (PEPP)...

Cyprus enters recovery phase, says FinMin; banks ready to support the economy

  The first signs from the market following the partial lifting of lockdown measures are very positive, Minister of Finance Constantinos Petrides said on Tuesday. President...

Cyprus going through loan moratorium on privileged terms

Cypriots are among Europe's privileged borrowers, Phileleftheros' Insider reports, as they are entitled to nine months of suspension of loan payments (principal as well...

€73 m deficit in January – April 2020 as Covid-crisis takes toll

    The Cyprus General Government generated a deficit of €73 million or 0.4% for the period of January – April 2020, reflecting the adverse consequences...

GDP growth rate at 0.8% in Q1 2020, CyStat estimates

    GDP growth rate in Cyprus based on seasonally and working day adjusted data in real terms in the first quarter of this year is...

Cyprus deposits down, loans rise in April

  Deposits were down while loans were up in April 2020 according to data the Central Bank of Cyprus published on Friday. In particular, according to...

Cyprus to experience “serious recession” in 2020, Central Bank Governor says

  Central Bank of Cyprus Governor Constantinos Herodotou, has said that he expects the country’s economy to experience a “serious recession” in 2020 due to...

NPLs in the Cyprus banking system decline below €9 billion

Non-performing loans (NPLs) in the Cypriot banking system declined to €8.97 billion in the end of 2019, with the NPL rate amounting to 27.9%...

‘Fiscal package in line with EU framework and government’s capacity’ government says

The new financial stimulus package to be unveiled on Wednesday in response to the impact of the pandemic on the economy, is in line...

BoC: Covid-19 presents an “unprecedented external economic shock”

  The coronavirus outbreak is first and foremost a health crisis, presenting an unprecedented external economic shock, Bank of Cyprus’ Chief Executive Officer Panicos Nicolaou...

Suspended credit facilities in Cyprus rise to €1.19 billion on May

Suspended credit facilities at the request of borrowers on May 8 amounted to €1.19 billion from €894 million on April 24, according to data...

Government discuss measures and incentives to reboot economy

  The government discussed measures and incentives to reboot the economy with the Economy and Competitiveness Council at the Presidential Palace, as restrictive measures to...

Revenue from tourism down by 73.5% in March

Revenue from tourism dropped by 73.5% in March 2020, according to the results of the Passenger Survey announced by the Statistical Service of Cyprus. As...

EU: Cyprus retains capacity to service ESM debt, challenges have increased

The European Commission has concluded that "Cyprus retains the capacity to service its ESM debt, but challenges have increased as a result of Covid-19". It...

Tourist arrival survey was not conducted in April 2020

FILE PHOTO Cyprus' Statistical Service announced on Monday that it will not be publishing its Passengers Survey for April 2020 due to the flight ban...

DBRS confirms Republic of Cyprus at BBB (low), trend changed to stable

DBRS Ratings confirmed the Republic of Cyprus’s Long-Term Foreign and Local Currency – Issuer Ratings at BBB (low) and changed the trend to Stable...

Eurostat: Cyprus economy shrinks annual 1.3% in 1Q 2020

The seasonally adjusted GDP decreased by 3.8% in the euro area, by 3.3% in the EU and by 1.3% in Cyprus during the first...

Deferred instalments of €894 m as part of loan payment moratorium

  Deferred payments for loans suspended as part of a debt moratorium decreed issued by Finance Ministry to mitigate the impact of the Covid-19 impact...

Unemployment rate of 7.3% in 1Q 2020

According to the results of the Labour Force Survey (LFS), the labour force in the first quarter of 2020 amounted to 449,861 persons or...

EBRD: Cyprus’ GDP to fall by 6.0% in 2020, rebound 5.0% in 2021

Economies across the EBRD regions may contract on average by 3.5% this year, with a rebound of 4.8% possible in 2021, according to an...

The market needs oxygen, citizens expect consensus, FinMin tells CNA

The market needs oxygen, while the least citizens expect from politicians is to reach a consensus in order to support the economy in line...

Top Stories

Fourteen new corona virus cases detected out of 3,539 tests

According to the Epidemiological Surveillance Unit of the Ministry of Health 14 new cases of the SARS-CoV-II virus were detected out of a total...

Cyprus will stand by Lebanon, FM wrote in Book of Condolence

Cyprus will stand by Lebanon during these challenging times and will provide all possible aid and support in an effort to alleviate the immense...

Cyprus stands ready to offer any help that Lebanon requests, Justice Minister says

Cyprus Justice and Public Order Minister Emily Yiolitis has said that Cyprus is ready to offer any help that Lebanon requests. Yiolitis visited on Friday...

Four-member team of ‘Volunteer Doctors Cyprus’ travels to Beirut Sunday

A four-member team of "Volunteer Doctors Cyprus" departs on Sunday for Beirut to offer assistance at local hospitals. The team will provide help for the...

Cyprus’ Agriculture Minister expects joint meeting with EU Commissioners to discuss halloumi registration

Cyprus’ Minister of Agriculture Costas Kadis said on Friday that he expects a joint meeting to be arranged with competent European Commissioners, in order...

Taste

Octopus ‘Kathisto’ (or Octopus braised in Wine)

Ingredients: 1/2 cup Greek extra virgin olive oil 2 medium onions, chopped fine 1 large octopus, about 2kg (cleaned and kept whole) 3/4 cup dry red wine 1/3 cup...

Homemade lemonade

Ingredients: 1 cup lemon juice 1 cup sugar Method: Thoroughly wash the lemons with soap and warm water. Roll each lemon with the palm of your hand, pressing...

‘Striftaria’ mini cheese pies

Ingredients 1 ½ cup milk 2 tbsps. flour 4 tsps. of butter 3 eggs, slightly beaten + 1 extra with 1 tbs. of milk for spreading 1 pack of...

Mini potato canapes baked on salt

Ingredients Serves: 12 1kg small Cypriot potatoes rock salt, as needed 250g salted butter 300ml full fat cremé frâiche 1 pot cod or salmon roe Method Prep:20min › Cook:35min › Ready in:55min Take...