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Banking Sector Sees Little Change In Non-Performing Exposures For May

by THEFUTURE.TEAM

July 24, 2024

Non-performing exposures (NPEs) in Cyprus’ banking system remained stable in May 2024, totalling €1.77 billion, a slight decrease from €1.80 billion in April. The NPE ratio stood at 7.4% of total loans. Year-to-date, there has been a modest reduction of €81 million in NPEs.

The Central Bank of Cyprus (CBC) reported that loans overdue by over 90 days were constant at €1.39 billion, comprising 5.8% of total loans. The NPE coverage ratio saw a slight increase to 54.4% from 54.2% in April, with accumulated provisions reaching €786 million.

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Restructured facilities in May amounted to €1.42 billion, a marginal decrease from €1.44 billion the previous month. Of these, €0.79 billion were classified as non-performing under the European Banking Authority standards, a slight drop of €4 million from April.

Households held 54% of total NPEs, equivalent to €971 million, while corporations accounted for €760 million, with small and medium-sized enterprises (SMEs) holding €695 million of this amount. Corporate NPEs had a coverage ratio of 69%, compared to 42% for household NPEs.

The CBC’s data underscores the stability of Cyprus’ banking sector despite minor fluctuations. For business professionals and investors, understanding these metrics is crucial for assessing the health and risk factors within the banking system. The consistent levels of NPEs suggest that while there is resilience, ongoing vigilance and strategic management are necessary to maintain financial stability.

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Call for Reform: Cyprus Faces New Challenges with Emerging Tobacco Products

by News Editor

May 31, 2025

In the face of a burgeoning variety of tobacco products, existing smoking laws in Cyprus are struggling to keep pace, as highlighted by Christos Minas, the president of the Cyprus National Addictions Authority (AAEK). On World No-Tobacco Day, there was a push for legislative reforms to comprehensively cover all tobacco forms, including non-nicotine alternatives.

Addressing Rising Trends with Effective Policies

Minas emphasized the surge in popularity of e-cigarettes and flavored products, particularly among the youth. The proposed legal updates aim to enhance enforcement efficiency against these emerging trends.

In collaboration with the World Health Organization’s (WHO) framework, the AAEK has established the first set of national guidelines for smoking cessation in Cyprus, crafting prevention and treatment strategies based on robust scientific evidence.

Educating Youth and Public Awareness Initiatives

Efforts are underway to raise awareness, with informative materials distributed to secondary schools across Cyprus. A public event in Nicosia highlighted the state’s ongoing commitment, providing carbon monoxide testing and expert advice on new tobacco products.

Recent data from the Cyprus general population survey 2023 indicates that 38% of smokers have used e-cigarettes recently, and the smoking initiation age remains at 18.

A Glimpse into Youth Smoking Patterns

According to the latest European school survey, 14% of Cypriot students aged 15-16 reported smoking traditional cigarettes last month. Although this rate is declining, Cyprus still ranks high in Europe for e-cigarette and hookah use among students.

The concern is global, with WHO reports showing over 37 million children aged 13-15 engage in tobacco use, driven by aggressive marketing in loosely regulated environments.

The urgency for reform is clear: before these trends solidify, proactive measures are necessary to protect future generations from potentially hazardous habits.