Financial Mirror (Cyprus) - - FRONT PAGE -

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.


Job­less up:



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%

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