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Cyprus News Agency: News in English, 13-09-16

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <>


  • [01] Cyprus Bank's ELA falls in August, ECB funding rises
  • [02] Defense Minister meets with Russian Ambassador
  • [03] Tourist arrivals fall 3.1% in August and 5.3% in January

  • [01] Cyprus Bank's ELA falls in August, ECB funding rises

    Emergency liquidity assistance (ELA) from Cyprus Central Bank decreased by 1.25 billion euros, Cyprus Central Bank's data showed Monday, falling for the first time since last January below 10 billion euros, due to the increase of European Central Bank (ECB) funding to Cyprus' Banks.

    According to the data, ELA funding fell in August 2013 to 9.85 billion euros from 11.10 billion in the previous month (July) and 11.00 billion in June 2013. Reduced recourse to emergency funding was the result of the fact that from August 1, Bank of Cyprus can obtain funds directly by the European Central Bank (ECB), after it exit the resolution regime on July 30.

    Bank of Cyprus borrows from the ECB with more favorable terms, namely with a rate of 0,5% for main refinancing operations.

    According to European Central Bank's data, funding from ECB to Cypriot banks rose in August 2013 to 1.58 billion euros from 354 million euros the previous months. The lower level of borrowing from ELA in 2013 was last January when it was at 9.09 billion euros and the highest last March when it jumped to 11.4 billion euros.

    [02] Defense Minister meets with Russian Ambassador

    Ways to further enhance the bilateral ties between Cyprus and Russia were discussed at a meeting Defense Minister Photis Photiou had with Russian Ambassador Stanislav V. Osadchiy on Monday.

    According to an official announcement, the Minister and the Russian Ambassador reviewed the bilateral relations and both agreed that these are based on common values and long lasting hostiric, political, cultural and religious bonds that have created the basis for a true friendship and cooperation. Photiou and the Russian Ambassador discussed about the Agreement on Defense Partnership and the Agreement Moscow has signed with Nicosia as regards the assistance for the evacuation of Russian citizens from warzones.

    They also discussed the developments in Syria and condemned the use of chemical weapons against innocent people. They both underlined the need for the violence to end. Photiou also briefed the Russian Ambassador on the latest developments on the Cyprus problem. Osadchiy reiterated his country`s firm support to the Cyprus solution and the termination of the occupation.

    [03] Tourist arrivals fall 3.1% in August and 5.3% in January

    Tourist arrivals recorded a decrease of 3.1% in August 2013 compared to the same month last year, despite the important increase by 25.1% of tourist arrivals from Russia.

    For the period January - August 2013 arrivals of tourists totaled 1.637.792 compared to 1.728.762 in the corresponding period of 2012, recording a decrease of 5.3%. According to data released by the Statistical Service of Cyprus, on the basis of the results of the Passengers Survey, arrivals of tourists reached 352.215 in August 2013 compared to 363.573 in August 2012.

    A decrease of 36.2% was recorded in tourist arrivals from Germany (8.693 in August 2013 compared to 13.616 in August 2012), 25.5% decrease from Greece (9.129 compared to 12.251) and 13.0% decrease from the United Kingdom (127.118 compared to 146.136 last year). However, an increase of 25.1% in tourist arrivals was recorded from Russia (from 79.291 in August 2012 to 99.215 in August 2013).

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