Cyprus Business Now

The Central Bank of Cyprus (CBC) and the Bank of Greece (BoG) on Friday signed a Memorandum of Cooperation during a ceremony held in Nicosia.

The signing ceremony took place with the presence of CBC governor Constantinos Herodotou and BoG governor Yiannis Stournaras.

Speaking after the signing of the memorandum, Stournaras stated that “the signing of the cooperation memorandum today enriches and deepens further the scope of collaboration between the two central banks“.

The House of Representatives in the early hours of Friday morning approved a number of important pieces of legislation, during a session that lasted over nine hours, among which was the abolition of the annual €350 corporate tax levy.

Specifically, the House approved the government’s bill for the abolition of the annual fee of €350 for all registered companies in the Department of Registrar of Companies and Intellectual Property. The fee had been in effect from 2011 until 2023.

The Deputy Ministry of Tourism and the Cyprus Hospitality Association this week held the Cyprus Hospitality Awards, an event that sought to honour exceptional people and businesses from the tourism and hospitality sectors.

The event, which was held in Limassol on Thursday evening, was attended by Deputy Minister of Tourism Kostas Koumis, who highlighted the ongoing efforts to internationalise Cypriot gastronomy.

In his opening remarks, Koumis emphasised that “the Cyprus Hospitality Awards are a unique opportunity to reward creativity, professional dedication, pioneering, and the love of people for providing excellent hospitality, a value that remains steadfast and unchanged since ancient times.”

The Central Bank of Cyprus (CBC) announced this week that it expects a 2.2 per cent increase in the country’s Gross Domestic Product (GDP) for the year 2023, following a substantial 5.1 per cent expansion in 2022.

Looking ahead to the years 2024-2026, the CBC projects GDP growth rates of 2.6 per cent, 3.1 per cent, and 3.2 per cent, respectively.

Constantinos Herodotou, governor of the CBC, said that “implementing reforms and focusing on sustainable development are decisive factors for further prosperity and progress in the country”.

Regarding the banking system, he noted that it “continued to maintain its resilience in 2023”.

The House this week unanimously approved the budget of the Cyprus Stock Exchange (CSE) for 2024.

At the same time, the Plenary, with a vote of 14 in favour and 27 against.

As per the information presented to the committee, the CSE’s budget for 2024 expects a deficit, with total expenses projected at €6,773,953 and revenues expected to reach €5,146,356.

Cypriot telecommunications company Cyta this week presented its 2024 budget to the House Finance Committee, underlining its commitment to strategic planning, innovation, and societal impact.

Maria Tsiakka, President of Cyta, addressed the committee, emphasising the organisation’s dedication to evolving, reaching new heights, and establishing Cyprus as a telecommunications pioneer on the global stage.

“Today, we presented Cyta’s 2024 budget to the House Finance Committee, representing a public entity that consistently follows through with its strategic plans,” Tsiakka said.

“Cyta continues to progress, conquering new frontiers and playing a leading role, solidifying Cyprus among the world’s advanced telecommunications countries,” she added.

The Cyprus Stock Exchange (CSE) ended Friday, March 1 with profits.

The general Cyprus Stock Market Index was at 145.69 points at 17.20 during the day, reflecting an increase of 1.70 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 88.52 points, representing a rise of 1.71 per cent.

The total value of transactions came up to €453,529.

In terms of the sub-indexes, the main, alternative and investment firm indexes rose by 2.19 per cent, 0.17 per cent and 2.82 per cent respectively. The hotel index fell by 0.13 per cent.

The biggest investment interest was attracted by Vassiliko Cement Works Public Company (no change), the Bank of Cyprus (+2.31 pe recent), Demetra (+2.87 per cent), Hellenic Bank (+2.5 per cent), and Blue Island (+3.85 per cent).