27.08.2022
According to a report released on Friday by the Central Bank of Cyprus, the balance of deposits in Cyprus was 51.2 billion euros and the balance of loans was 28.6 billion euros in July 2022, indicating a net decrease compared to June.
According to the report, total deposits in July 2022 recorded a net decrease (in transactions, excluding changes due to reclassifications, exchange rates and other adjustments) of EUR 183.9 million compared to a net increase of EUR 352.5 million in June 2022 of the year.
The annual change in the rate reached 1.3% compared to 1.7% in June 2022.
In addition, total loans in July 2022 recorded a net decrease of €162.7 million compared to a net increase of €109.9 million in June 2022.
Finally, the annual rate of change reached 1.9% compared to 2.9% in June 2022.
On Friday, Fitch Ratings reported that Austria, Germany and Italy are among the most vulnerable countries in Europe to disruptions in Russian gas supplies.
Conversely, Cyprus, along with 11 other countries, is the least affected by a slowdown or cessation of Russian gas supplies.
“Germany, Austria and Italy are the most vulnerable countries to Russian gas supply disruptions,” the agency said, noting that Germany and Austria lack sustainable short-term alternative energy sources and Italy has one of the highest natural gas shares in the world . its energy balance among EU countries.
In addition, the agency explained that the sharp decline in natural gas flows indicates that Russia is ready to use natural gas exports as a political tool.
The agency also said the EU is reducing its reliance on Russian gas, but supply and infrastructure constraints mean “it could take more than three years to compensate for a complete loss of supply from Russia.”
Moreover, Fitch said its Quantitative Vulnerability Index shows Western European countries in the EU are less dependent on Russian gas than Central and Eastern European countries, with most of them having a low to moderate direct impact.
However, the report notes that there is a large divergence in Western Europe and the region as a whole will face a major long-term shock if Russian gas supplies are cut off.
The Cyprus Stock Exchange (CSE) ended Friday, August 26, with losses.
The overall Cypriot stock market index stood at 73.12 points at 13:30 during the day, reflecting a 0.79% drop from the previous trading day.
The FTSE/CySE 20 Index stood at 44.85 points, down 0.79%.
The total transaction value was 37,488 euros.
As for the sub-indices, the main and alternative indices declined by 0.91% and 0.36%, respectively, while the hospitality and investment companies indices remained stable.
Bank of Cyprus (-1.56%), Hellenic Bank (-1.08%), Logicom (-0.57%) and CCC Tourist Enterprises (1.54%) attracted the highest investment interest.
