CYPRUS: Credit card transactions surge 24% in October

A strong 24% increase was recorded credit card transactions during October, reflecting the recovery in consumption, while income tax payments also played a part.

According to new JCC data, the value of Cyprus credit card transactions in the domestic market increased by 24% in October to €270.9 million compared to last year. This follows a 46% hike In September.

In the first ten months €2.82 bln has been spent with credit cards, an increase of 32%.

The sectors that witnessed the largest volumes were in government, hotels, supermarkets, restaurants, bars, catering, fuel and utilities.

Government sector increases is due to the Inland Revenue Department payments and without these payments, the total monthly increase would be 12% for October.

Sales and cash withdrawals of Cypriots with credit cards, including online purchases, was up 10% to €154.1 mln. In the previous month the increase was at 5%.

Foreign card transactions (sales) increased 18% in October to €119.2 mln – for the year to date it was also up 18% to €958.7 mln.

Local cards used in Turkey and the occupied north of the island reached €2 mln in October and a combined €15 mln for the first ten months.