As petrol prices surge in the wake of Russia’s invasion of Ukraine and consumers fret over the cost of living, the finance ministry has revised its forecast for inflation this year from an initial 1.5% to 4%.

Hellenic Bank on Tuesday announced that it has negligible direct exposure to Russia, while its indirect exposure through any adverse effects on the Cypriot economy hinges on a number of factors, which are currently hard to assess.

Ireland is seeking to reinforce trade relations with Cyprus, according to Martin Heydon, the country’s Minister of State for Research and Development, Farm Safety and New Market Development.

Cyprus’ trade deficit increased in January 2022 by 19.4%, to €518.72 million, compared to €434.34 million in January last year, according to provisional data, published by the Statistical Service of Cyprus.

Cyprus’ tourism sector is not throwing in the towel in the aftermath of the war in Ukraine, and is pinning its hopes on alternative markets with the hope of maintaining holidaymakers at last year’s levels.

In its efforts to protect the most vulnerable from covid, the National Advisory Committee on vaccines and the Ministry of Health are recommending the following.

Lawyers, auditors, and accountants have taken a direct hit from the war in Ukraine and sanctions imposed on Russia, estimating revenues have shrunk 15% in the aftermath of the conflict.

Cyprus could lose 1.5% to 2% of its growth rate this year if the Cypriot airspace (under EU sanctions) to Russia remains closed for the whole of 2022, estimates the rating agency DBRS Morningstar, noting that despite the negative impact, the war in Ukraine will not derail the medium-term prospects of the Cypriot economy.

Qatar has found its way back to the green category on Cyprus’ safe travel list based on the country’s COVID-19 epidemiological risk.

The number of mobile phone users in Cyprus rose by 24,855 in the second half of 2021 compared with the same period in 2020, the Cyprus News Agency reported, citing figures from the OCECPR – the office of the commissioner for electronic communications and postal regulation.