Breaking news

Cyprus’ Financing Programme On Track Amidst Economic Optimism

by THEFUTURE.TEAM

Cyprus is advancing its annual financing programme efficiently, aligning closely with its fiscal targets for 2024. The approved borrowing ceiling stands at €1.3 billion, predominantly sourced from European Medium-Term Notes (EMTN). So far, Cyprus has successfully raised nearly €1.2 billion, including a recent €1 billion, seven-year fixed-rate bond issued in June.

The financing strategy also includes public treasury bills and domestic bonds aimed at individual investors. To date, €87.5 million of the targeted €120 million in treasury bills and €6.4 million of the intended €40 million in domestic bonds have been issued. Furthermore, Cyprus has secured €92.75 million in loans from supranational organisations, progressing towards the €140 million goal.

Public treasury bills, set to mature in October 2024, offer an annualised yield between 3.65% and 3.75%, presenting an attractive option for non-professional investors and businesses seeking secure liquidity management.

Sophic, a financial platform, plans to acquire a portion of the upcoming treasury bill issuance, replicating its strategy from June where it, alongside Athlos Capital, acquired over 80% of the €21.5 million issuance for client allocation.

Cyprus’ prudent financial management and structured approach towards funding reflect a robust fiscal framework aimed at maintaining economic stability and fostering investor confidence. This meticulous execution of the financing programme underscores Cyprus’ commitment to strategic fiscal governance and economic resilience, which are vital for sustaining long-term growth.

The ongoing success of Cyprus’ financing programme highlights the nation’s proactive fiscal planning and the effectiveness of its public debt management office. By securing diverse funding sources and maintaining investor engagement, Cyprus continues to bolster its financial stability and economic prospects.

As Cyprus progresses with its financing activities, the focus remains on sustaining fiscal discipline while leveraging favourable market conditions to optimise funding costs. This approach not only ensures the fulfilment of immediate financing needs but also lays a solid foundation for future economic resilience.

Cyprus Tops EU Retail Growth In May As Consumer Spending Rebounds

by THEFUTURE.TEAM

Cyprus delivered the strongest monthly increase in retail trade volume among European Union member states in May 2026, according to the latest figures from Eurostat, highlighting the island’s resilience at a time when consumer spending across much of Europe remained subdued.

Cyprus Outperforms The Bloc

Retail trade volume in Cyprus rose 3.7% between April and May, the strongest monthly increase recorded in the EU. By comparison, seasonally adjusted retail sales edged up just 0.2% across the euro area and 0.5% across the European Union.

The rebound came after a weaker April, when retail trade volumes declined by 0.3% in the euro area and 0.6% across the EU.

Mixed Trends Across Retail Categories

Performance varied across retail segments. In the euro area, sales of food, drinks and tobacco increased 0.6% month on month, while non-food products excluding automotive fuel edged up 0.1%. Automotive fuel sales in specialised stores, however, declined 0.5%.

A similar pattern emerged across the EU, where food, drinks and tobacco also rose 0.6%, non-food sales increased 0.5%, and automotive fuel sales slipped 0.4%.

Other Member States Posted Gains And Declines

After Cyprus, Luxembourg recorded the second-largest monthly increase at 3.6%, followed by Poland with 2.4%.

At the other end of the ranking, Estonia posted the steepest monthly decline at 2.2%, ahead of Croatia at 2.0%. Belgium and Lithuania each recorded a 0.7% fall.

Annual Growth Also Favors Cyprus

Cyprus also led the bloc on an annual basis. Retail trade volume was 8.4% higher in May than a year earlier, ahead of Bulgaria, where sales increased 7.9%, and Luxembourg, which recorded growth of 7.8%.

Across the euro area, annual retail sales rose 2.4% for food, drinks and tobacco and 2.3% for non-food products, while automotive fuel sales declined 4.6%.

EU-wide figures showed food, drinks and tobacco sales up 1.9% year on year, with non-food products rising 2.8%. Automotive fuel sales, meanwhile, fell 2.9%.

A Useful Signal For Consumer Demand

The latest figures point to a widening divergence in consumer spending across the bloc, with Cyprus standing out as one of the strongest-performing retail markets. At a time when many European economies continue to grapple with weak growth and cautious household spending, the island’s robust retail performance suggests domestic demand has remained resilient.

By contrast, Romania recorded the largest annual decline in retail trade volume, at 4.0%, followed by Estonia at 0.5% and Belgium at 0.4%, underscoring the uneven pace of consumer recovery across the EU.

Uol
The Future Forbes Realty Global Properties
eCredo
Aretilaw firm

Become a Speaker

Become a Speaker

Become a Partner

Subscribe for our weekly newsletter