10.09.2022
The Borrower Protection Association this week welcomed the announcement by the Central Bank of Cyprus of a tender for a digital verification project for the bank’s customers.
The project, announced by the central bank on September 1, involves the creation of a system that will allow digital and remote verification of current and potential data of bank customers. This process is commonly referred to as digital enrollment and customer verification.
“Through this development, borrowers will see a reduction in the waiting time for their banking transactions to be processed, as well as an increase in the efficiency of the banking services they receive, in line with the European rules, directive and code of conduct that banks are required to apply for,” the association said in a statement.
SIPRODAT also mentioned the recent upgrade of Cyprus by S&P, saying that “the stabilization of the economic situation of our country is now noticeable against the backdrop of the negative effects of the pandemic, rising inflation and the energy crisis due to the war in Ukraine.”
The association said that based on this positive development, “we are optimistic and hope that the resolution of various issues, such as lending, debt settlement and restructuring, between banks and borrowers will now be faster and easier, as banks have now updated systems, and there will be no need for the time pressure that has existed so far in their attempts to secure various documents.
Moreover, the association said that they now expect that Cypriot banks will have no reason to delay responding to borrowers’ requests.
They also ask for specific reasons for rejecting any debt repayment or restructuring proposals from borrowers “so that dialogue can continue to reach a desired solution that is acceptable to both parties.”
The trade deficit of Cyprus reached 4.46 billion euros between January and July 2022, increasing by 40.95% year on year, according to preliminary data released on Friday by the Statistical Office of Cyprus (Cystat).
Total imports of goods from both EU Member States and third countries for the period from January to July 2022 amounted to 6.7 billion euros compared to 4.8 billion euros for the same period in 2021, an increase of 38.4 %.
Total exports of goods to both EU Member States and third countries for the period January to July 2022 reached 2.2 billion euros, compared to 1.67 billion euros in 2021, reflecting an increase of 33.5%.
Thus, the trade deficit for the period from January to July 2022 amounted to 4.46 billion euros, compared with 3.16 billion euros in the corresponding period of 2021.
In July, Cyprus’ total imports of goods reached 1 billion euros, up from 782.3 million euros in July 2021, an increase of 31.3%.
Imports from other EU Member States and third countries in July 2022 amounted to 595.4 million euros and 432.1 million euros respectively, compared to 557.9 million euros and 224.3 million euros in July 2021.
Imports in July 2022 include the transfer of economic ownership of mobile transport equipment (ships and aircraft) totaling EUR 100.7 million, compared to EUR 75.3 million in July 2021.
Total merchandise exports in July 2022 amounted to EUR 416.2 million compared to EUR 352.1 million in July 2021, an increase of 18.2%.
Exports to other EU Member States reached €101.3 million in July 2022 and €314.9 million to third countries, compared to €94.1 million and €258.1 million respectively in July 2021.
Exports in July 2022 include the transfer of economic ownership of mobile transport equipment (vessels) totaling €130.4 million compared to €121.1 million in July 2021.
The trade deficit in July amounted to 611 million euros, compared to 430 million euros in the corresponding period of 2021.
The Cyprus Stock Exchange (CSE) ended Friday, September 9th with a profit for the fourth day in a row.
The overall Cypriot stock market index stood at 73.79 points at 12:46 pm during the day, reflecting an increase of 0.49% from the previous trading day.
The FTSE/CySE 20 Index stood at 44.26 points, up 0.50%.
The total transaction value was 72,625 euros.
As for the sub-indices, the main index rose by 1.02%, while the alternative index fell by 1.02%. Indices of hotel and investment companies remained stable.
Bank of Cyprus (+3.11%), Hellenic Bank (+0.88%), Salamis Tours (no change), Logicom (-1.15%) and Petrolina (-0.93%) attracted the highest investment interest.
