This week, the Association for the Protection of Borrowers (Syprodat) stated that the government must address borrowers’ issues comprehensively and immediately.
The association said in a statement, “The government is not exerting the pressure it should be exerting on banks and credit management companies.”
The association added, “Banks’ profits are rising, as evidenced by their own announcements and admissions, while borrowers continue to experience painful increases in the cost of both goods and services and are forced to pay a higher loan payment due to the imposition of a higher interest rate to combat inflation.”
In addition, the association stated, “We have been anticipating substantial compensatory measures similar to those enacted by the Greek government for some time now.”
Commerce in Cyprus Right This Minute
“We must not forget that the country’s economy is based on borrowers, small and medium-sized enterprises (SMEs), and households,” said the association.
“Cypriot borrowers are forced every day to ask for substantial support and assistance, but they are not beggars; they are merely requesting what they are legally entitled to and should receive,” the report continued.
Lastly, the association urged borrowers to contact their bank or credit management company to request a loan restructuring agreement, within which “to negotiate rationally, with arguments,” in order to “support the notion that they should be receiving more assistance than they are currently receiving.”
Through the establishment of the Blue Economy Innovation Centre, the city of Limassol is spearheading initiatives for the advancement of innovation and research in Cyprus, as part of an ambitious move toward digital and ecological transformation.
According to a municipal announcement, this facility is one of the city’s efforts to become a center for research and innovation, providing the groundwork for further entrepreneurship development and the preservation of coastal and marine environments.
Recent inauguration of the Blue Economy Innovation Center by President Nikos Christodoulides.
In a press release, Christodoulides emphasized that “innovation is the engine of a successful and resilient economy, especially for small nations like Cyprus that lack heavy industries.”
He added, “Innovation is a top priority, and the establishment of this center will significantly bolster our efforts in this regard.”
The president concluded, “By focusing on the Blue Economy and aiming to address challenges through the creation of a strategic ecosystem of global partnerships,” we will be able to meet these challenges.
The Cyprus Stock Exchange (CSE) suffered losses on Friday, May 26.
At 13:31 during the day, the general Cyprus Stock Market Index stood at 108.67 points, representing a 0.37 percent decrease from the previous trading day.
The FTSE / CySE 20 Index was at 65.73, representing a 0.36 percent decrease.
The total amount of transactions was €39,899.
The main, alternative, and investment firm sub-indices declined by 0.27 percent, 0.58 percent, and 0.46 percent, respectively, while the hotel sub-index increased by 0.02 percent.
Bank of Cyprus (-0.77 percent), Vassiliko Cement Works Public Company (no change), Hellenic Bank (+0.28 percent), Atlantic Insurance (-3.33 percent), and Cyprus Cement Company (-1.56 percent) attracted the most investment interest.