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481. Decline in asylum approvals in Cyprus in 2022

According to data from Eurostat, the statistical service of the EU, EU countries granted protection status to 384,245 asylum seekers in 2022, up 40% from the previous year. However, in Cyprus, there was a significant decrease in protection status, with only 580 cases being granted (compared to 2,305 in 2021)....

482. Cyprus deposits reach €51.9B, loans at €25.1B in March 2023

Total deposits reached €51.9 billion in March 2023, while total loans stood at €25.1 billion, according to data published by the Central Bank of Cyprus on Tuesday, in the April 2023 edition of Monetary and Financial Statistics....

483. Cyprus ranks 3rd in EU for long working hours

A 9.7% of employed people in Cyprus (7% in the EU) worked long hours (working usually 49 hours or more per week) in their main job in 2022 according to data published by Eurostat, the statistical service of the European Union. Cyprus also had the third-largest percentage among all member states....

484. Deutsche Bank to slash 800 jobs as part of new cost-cutting initiative

Deutsche Bank to cut 800 jobs in a new cost-saving drive after reporting a bigger-than-expected rise in profit for the first quarter, a volatile period globally for finance companies....

485. Central Bank Governor: Sanctions' impact on economy not significant so far

The Governor of the Central Bank of Cyprus, Constantinos Herodotou, was received on Friday morning (21/04) by the President of the Republic, Nicos Christodoulides. ...

486. Eurostat: Drop in driving lesson prices in Cyprus and rise in EU

According to data released by Eurostat, prices for driving lessons and relevant services dropped by 1.6% in 2022 in Cyprus, while increasing in all other EU member states and by 4.8% overall in the EU....

487. The real estate industry's crucial turning point

The European Parliament recently approved a new bill that aims to tackle climate change by reducing carbon emissions. This new legislation has significant implications for the property markets in Cyprus and Greece, where there is a large stock of buildings over 30 years old and requiring energy upgrades....

488. Finance Minister considers lowering VAT rates for basic necessities

The Minister of Finance of Cyprus, Makis Keravnos, has announced that the Ministry is considering measures for banks and credit-acquiring companies to absorb high-interest rate increases, as well as reducing value-added tax (VAT) for basic necessity products to tackle high prices....

489. Childhood cancer rates in Cyprus among the world's highest, says expert

Children's cancer rates in Cyprus are among the highest in the world, Dr. Loizos Loizou Professor of Pediatrics, Pediatric Oncology, has told CNA, adding that they are investigating the causes....

490. Finance Minister requests containment of lending rates for housing loans

The Finance Minister of Cyprus, Makis Keravnos, has written letters to the Director General of the Cyprus Banks Association and the Director General of the Association of Credit Acquisition Companies and Credit Facility Managers, requesting measures to control rising lending rates for serviceable loans up to €350,000....

491. Excess deaths down in EU but not in Cyprus

For the first time since the beginning of the COVID-19 pandemic, there was no excess mortality recorded in the EU in February 2023, while Cyprus recorded the highest rate of excess mortality during the same month, according to data published by Eurostat...

492. Government continues measures to counter inflationary pressures

The government of Cyprus has decided to continue measures aimed at countering inflationary pressures, including an extension of a subsidy on electricity consumption and a reduced excise tax on fuel....

493. Greek banks freeze mortgage installments for 12 Months

Eurobank, Piraeus and Alpha Bank have announced that they will be keeping mortgage installments at their current levels for 12 months. As pledged by the first two banks, the baseline rates of serviced mortgage loans will remain at the levels they were on March 31, 2023, minus 20 basis points, for 12 months, starting in May. National Bank is expected to follow suit....

494. IMF projects steady GDP growth for Cyprus in 2023

The International Monetary Fund (IMF) maintained its projection for Cyprus’ economic growth in 2023 at 2.5% of GDP, while real GDP growth is expected to pick up pace in the next year....

495. Philip Lane: Next ECB decisions on interest rates will be based on data (Video)

Philip Lane, the Chief Economist and member of the European Central Bank's (ECB) executive board has said the bank's next monetary policy decisions will be based on incoming data,...

496. Easter holiday boosts air travel in Cyprus by 26%

April will kick off the summer tourist season with satisfactory arrivals and hotel occupancies for the Easter period. Since last week, demand for travel has started to rise from foreign tourists, ...

497. Investors flock to 'green' bonds as a secure investment

498. Prem Watsa: 'Greek banks are safer'

Greece has entered a virtuous cycle of growth, and the next few years will be especially beneficial to the economy and Greeks if political stability is maintained and business-friendly policies are implemented....

499. Cyprus to surpass 1 million people while EU population to decrease by 6% by 2100

According to the latest population projections issued by Eurostat, the statistical service of the EU, the population of the bloc will decrease by 6% between 1 January 2022 and 1 January 2100, equivalent to 27.3 million fewer people. The population of Cyprus on the other hand is expected to pass 1 million by 2100....

500. Herodotou: 'European banking system in good health'

Governor of the Central Bank of Cyprus (CBC) Constantinos Herodotou said on Wednesday that there’s concern that the banking problems with some European banks could evolve into something bigger....

501. FinMin stresses importance of stable legislation for out-of-court auctions

The Finance Ministry has stressed the importance of having stable legislation regulating out-of-court auctions, in tandem with an effective insolvency framework in order to achieve a reduction of bad loans....

502. Keravnos urges banks to restructure loans and keep rates low

Cyprus Finance Minister Makis Keravnos has urged banks to restructure loans, maintain low lending rates and bank charges, and increase deposit rates in light of continued basic rate hikes by Central Banks. He warned that otherwise the government "would make different thoughts."...

503. Europe's largest economy paralyzed over strikes

Airports and bus and train stations across Germany were at a standstill on Monday, causing disruption for millions at the start of the working week during one of the largest walkouts in decades as Europe's biggest economy reels from inflation....

504. CBC estimates GDP growth at 2.6% in 2023

The Central Bank of Cyprus (CBC) has marginally upgraded its projections for GDP growth this year citing the slightly improved prospects in the external economic environment and the anticipated lower energy prices, amid the continued war in Ukraine....

505. High prices continue to plague the market

506. Herodotus to banks on restructuring, interest rates and transparency in charges

The Governor of the Central Bank, Constantinos Herodotou, emphasized to the Senior Executive Directors of licensed credit institutions the importance of the timely provision of viable restructurings, as well as the assessment of their data regarding the level of their deposit rates....

507. One in two Cypriots considers it easy to start a business

Approximately one in two Cypriots considers it easy to start a business in Cyprus, according to the Global Entrepreneurship Monitor (GEM) Cyprus Report 2021/2022...

508. 'Cyprus banking system ready to absorb shocks'

Tasos Yasemidis, an economist, spoke to "SPOR FM 95.0" and the "DIASPORA NEWS" show about the deal for the acquisition of Swiss bank Credit Suisse by UBS and how it affects the banking sector in Cyprus, ...

509. Pseudo-state increases vehicle insurance rates

The pseudo-state in the occupied territories has decided to raise vehicle insurance fees for Greek Cypriots and foreign visitors passing through the free areas....

510. Job vacancies declined by 18.9% to a total of 7,821

The number of job vacancies in the 4th quarter of 2022 decreased by 1,822 (-18.9%) compared to the same quarter of the previous year when the number was 9,643....