Financial Mirror (Cyprus) - - FRONT PAGE -

4.56 (CYP 2.61), two cents be­low the close on the Cyprus bourse, with signs of a rally cool-off and wait­ing for fun­da­men­tals and tech­ni­cals to catch up when a CYP 100 mln fund rais­ing gets off the ground and bet­ter-then-ex­pected nine months prof­its are an­nounced.

Forex loans:

A record num­ber of Cypri­ots have turned to bor­row­ing in for­eign cur­rency dur­ing the first nine months of the year, tak­ing ad­van­tage of su­per low euro bor­row­ing rates. Of the CYP 9.56 bln loans in Septem­ber, some 1.5 bln were in for­eign cur­rency, up 188 mln from the star of the year and ac­count­ing for 88% of all new loans. Of th­ese, 67% were in eu­ros, 21% in Swiss francs, 8.5% in dol­lars and 3% in Ja­panese yen.



Ali Erel, the pre­vi­ously un­op­posed head of the Turk­ish Cypriot Cham­ber of Com­merce (KTTO) is be­ing chal­lenged by busi­ness­man Erdil Nami who has very close ties to com­mu­nity leader Mehmet Ali Talat and his CTP, as well as Ser­dar Denk­tash’s Demo­cratic Party of the rul­ing coali­tion in the north, while stronger in­volve­ment in cham­ber af­fairs by Turkey is also one of the key rea­sons for the change.

Re­tail­ers are fu­ri­ous credit card clear­ing house JCC’s mo­nop­oly, owned by the car­tel of the three lead­ing banks, with com­plaints of ris­ing charges. Busi­ness­men say that JCC is reap­ing the ben­e­fits from short-term bank de­posits, while the POS users are charged high fees and for re­ceiv­ing their funds with a de­lay of seven days, or more.

And the or­gan­ised by Laiki and CyBC, has raised over CYP 1 mln.

JCC mo­nop­oly:


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