Insider Economy Cyprus central government debt at €21.05 billion in end-2018

Cyprus central government debt at €21.05 billion in end-2018

Cyprus central government debt amounted to €21.05 billion at the end of 2018, marking an increase of 15% compared with 2017, the Finance Ministry’s Public Debt Management Office (PDMO) announced on Tuesday.

Cyprus’ public debt in 2018 deteriorated as the government issued a series of domestic bonds amounting to €3.2 billion to facilitate the sale of the performing operations of the state-owned Cyprus Cooperative Bank (CCB) to Hellenic Bank.

According to data released by the PDMO, the central government debt peaked at €22.41 billion at the end of the third quarter of 2018, with the government repaying €1.35 billion in early repayments and bond maturities.

In December and November, the PDMO repaid maturing bonds amounting total €501 million, while the short-term debt redemption for the last quarter of 2018 amounted to €300 million. Repayment for retail bonds amounted to €17 million.

Loan amortizations amounted to €850 million out of which €808 million are early repayments to the Central Bank of Cyprus for €484 million and to Hellenic Bank for €324 million.

According to the PDMO data, debt redemptions in 2019 increased to €2.3 billion. The largest debt redemptions concerned payment of a €750 million bond held by Hellenic Bank, two installments to the Russian loan concluded in 2011 with an initial value of €2.5 billion.

Cyprus’ highest financing needs are scheduled for 2018 amounting to €2.56 billion.

The European Stability Mechanism remains Cyprus’ biggest individual creditor with €6.3 billion or 31% of Cyprus’ total debt, closely followed by foreign bonds (EMTN) with €6 billion or 24% of total debt. Domestic bonds in end-2018 amounted to €3.85 billion or 18% of the island’s debt.

Cyprus central government debt amounts to 99.7% of the island`s total gross debt and excludes debt of Social Security Investments, state-owned enterprises categorized within the central government and the debt of local authorities.

(Cyprus News Agency)

Top Stories

Low visibility on highways as bad weather continues

  Visibility is very low on the Larnaca-Nicosia and Nicosia-Limassol highways, with the network near the Mosfiloti area becoming waterlogged. Police are calling on drivers to...

Explainer: Can Trump pardon himself? Would the courts reject the move?

  As he prepares to end a tumultuous four years as U.S. president facing potential legal jeopardy, Donald Trump has discussed the possibility of pardoning...

U.S. state capitals on edge for armed protests as Trump presidency nears end

  U.S. law enforcement officials are gearing up for pro-Trump marches in all 50 state capitals this weekend, erecting barriers and calling in their National...

‘Go for it,’ says first person vaccinated in India’s massive COVID-19 campaign

  Hospital cleaning worker Manish Kumar today became the first person in India to be vaccinated against COVID-19, as Prime Minister Narendra Modi launched one...

Major European powers rebuke Iran over uranium metal plans

  Three European powers warned Iran against starting work on uranium metal-based fuel for a research reactor, saying it contravened the 2015 nuclear deal and...


Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...


No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...