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Cyprus’ central government debt drops to €23 billion in 2022

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Cyprus’ central government debt dropped to €23 billion in 2022 recording a year on year reduction of 3.9%, according to data published by the Public Debt Management Office (PDO).

Insider also reports that the central government debt accounts for more than 99% of the Republic’s total debt.

And that it stood at €23,086 million in December 2022 compared to €24,018 million in December 2021 and €23,738 million in the third quarter of 2022.

Compared to the third quarter of 2022, the decrease was mainly driven by the repayment of a €617 million (3.50% interest rate) domestic bond at the year’s end.

It was the last of a series of domestic bonds issued in the sale transaction of the collapsed Cyprus Co-operative Bank to Hellenic Bank in the summer of 2018.

Regarding the debt structure, the largest part is allocated to the European medium-term bonds (EMTNs) with a total value of €13.45 billion. This corresponds to 58% of the total debt.

EMTN bonds are now the main financing tool of the Republic of Cyprus.

As for foreign loans, the share is €8.26 billion which corresponds to 36 per cent of the total debt.

Foreign loans also include a loan from the European Stability Mechanism (ESM) with a value of €6.3 billion. This was concluded as part of the bailout during the financial crisis of 2013.

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