Tuesday, July 19, 2016

Cyprus Tourism sets record

RTE News:

With the Mediterranean holiday island's economy on an upward curve, state-run Cyprus Tourism Organisation said that 413,114 tourists arrived last month. 

"It is the best June in terms of arrivals in the history of Cyprus tourism. Moreover, these are the second best monthly figures ever after July 2015 (with 414,527 arrivals)," CTO said in a statement. 

It said Cyprus had also set other records this year, with the best first six-month performance ever recorded.

For the first time in tourism history, arrivals during the quarter from April to June also surpassed the one million mark. 

In June, there was a 22.6% hike in tourist arrivals compared to the same month in 2015.

Turkey is also a big destination for many European tourists. I think the recent coup attempt and ongoing nonsense there including the airport terrorist attack are going to dissuade visitors to Turkey. I would expect Cyprus will be picking up some of that trade.

Cyprus is under followed but is bouncing back nicely from its recent troubles. I continue to like Bank of Cyprus which continues to show progress in healing its balance sheet. 

I think long term sentiment to Cyprus will change along with sentiment towards the Bank of Cyprus. 

Listing the shares in London will also be helpful.

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