Total exports of Cypriot goods to fellow EU member-states increased by 55.2%

Total exports of Cypriot goods to fellow EU member-states increased by 55.2%

Total exports of Cypriot goods to fellow European Union member-states and third countries in January-February 2022 increased by 55.2%, compared to the same period last year, according to the monthly report published by the Statistical Service of Cyprus (CyStat). At the same time, the trade deficit fell to 955 million in the first two months of this year compared to €999.1 million in the first two months of 2021.

According to official data, total exports for this period amounted to €521 million, compared to €335.7 million in the same period of 2021.

At the same time, total imports of goods from EU member-states and third countries in January-February 2022 amounted to €1.476 billion as compared to €1.335 billion in January-February 2021, recording an increase of 10.6%.

Exports to the EU reached €137.4 million, while exports to all other European countries came to €44.1 million in January-February. Exports to the rest of the world amounted to €339.5 million.

The EU was the main source of imports to Cyprus, accounting for €978.6 million, while imports from all other European countries totaled €112.8 million.

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Nine Lebanese banks are shutting down their operations on the Mediterranean island of Cyprus

 

Nine Lebanese banks are shutting down their operations on the Mediterranean island of Cyprus, a representative of the Cyprus Central Bank said on Tuesday.

The banks will close their branches on the island within a period of time that will allow them to wind down operations in an orderly fashion, said the representative, who spoke to the Associated Press on condition of anonymity because he’s not allowed to discuss the matter publicly.

He said the shuttering of the branches won’t adversely affect the east Mediterranean island’s economy. Total deposits and loans held by the branches on the island amount to less than 1% of the entire Cypriot banking system’s deposits and loans, and the majority of those belong to non-residents.

The Cyprus Central Bank received no explanation regarding the decision, but the closure may be a bid by Lebanese authorities to pre-empt a potential capital flight amid the country’s ongoing economic chaos.

The central bank reassured clients that all deposits below 100,000 euros were fully guaranteed.

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