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tourism housing

Cyprus Business Now

Cyprus is gearing up for the tourist season by streamlining work permit processes for foreigners, with Labor Minister Yiannis Panayiotou noting a significant decrease in wait times. Over 4,000 new permits were issued by May’s end, ensuring the tourism sector is fully staffed for the summer influx.

economy support measures

Borrowers Association Welcomes Extension of Support Measures

The Cyprus Borrowers Association hails the government’s extension of support measures to ease economic strain on households and businesses, focusing on cutting lending rates and reducing nonperforming loans. Finance Minister Makis Keravnos anticipates progress by bridging the gap between deposit and loan rates, aiming to boost economic activity and alleviate financial burdens on Cypriots.

loan demand interest rates

Loan Demand in Cyprus Declines Amidst High Interest Rates

The loan demand in Cyprus has dropped significantly due to high interest rates, with potential borrowers hesitant to take on new debt amidst economic uncertainties. While lending criteria for households remain unchanged, the spike in interest rates has deterred individuals from seeking loans, especially for real estate and consumables, signaling cautious consumer sentiment.

home loans interest rates

Eurobank Cyprus Rewards 1,400 Up-to-Date Borrowers

Eurobank Cyprus has launched a program to reduce interest rates on home loans by 50 basis points for 1,400 borrowers with uptodate repayments, effective from June 1, 2023. This initiative aims to offer financial relief amidst economic fluctuations, with eligible recipients automatically included without the need for applications.

banking interest rates

Navigating Economic Growth: The Role of Bank Lending Practices

The impact of bank lending practices on economic growth is profound, with adjustments in interest rates directly influencing borrowing affordability, business sentiment, and development. Despite the recent rate cut by the European Central Bank, local banks’ reluctance to lend to businesses, preference for depositing funds with the ECB, and lack of competition among banks pose challenges to economic dynamism and growth in Cyprus.

economy financial stability

Addressing the Interest Rate Disparity in Cyprus

Addressing the interest rate disparity in Cyprus is crucial for economic stability and growth, as highlighted by the Central Bank’s governor, Christodoulos Patsalides. With a focus on bridging the gap between lending and deposit rates, Cyprus aims to strengthen its financial resilience and foster a more balanced economic environment.

economy loans

New Loans in Cyprus Surge in February

In February 2024, Cyprus experienced a surge in new loans totaling €575.5 million, driven by increased lending to companies, signaling economic growth and confidence in the financial sector. The rise in loans, particularly in the corporate sector with significant loans exceeding €1 million, highlights a shift towards largerscale investments and expansion within the Cypriot economy.

government bonds interest rates

PDMO Announces Interest Rates for Government Bonds

The PDMO has revealed new interest rates for sixyear government bonds for individual investors, ranging from 1.25% to 1.55% depending on the term length, with applications open from June 3 to June 20, 2024, offering a competitive weighted average rate of approximately 1.367%. This announcement signals a stable investment climate and provides an opportunity for investors to diversify their portfolios while securing predictable returns, reinforcing the government’s commitment to financial stability and sustainable debt management.

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