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loans will be affected by the SNB move, when the Swiss central bank is widely expected to increase borrowing costs by 25 basis points top 1.75% from the present arte of 1.50%.
The trade deficit could reach a record 30% of GDP this year as exports continue to decline and imports continue to rise, forcing the government to borrow abroad to keep the balance of payments stable. One option is to use up foreign exchange reserves, or to ban imports (highly unlikely), while the best option is to issue a Eurobond.
Unemployment continued to rise fro a fifth consecutive year, reaching a total of 12,852 in August.
Tourism revenue outpaced arrivals and reached CYP 155 mln in July, a rise of 10.6% from a year earlier. This included evacuees from Lebanon who stayed in hotels, but total arrivals fell year-on-year by 1.3%