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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.
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.