The Cyprus University of Technology (Tepak) announced on Friday that it has managed to achieve significant savings in the total amount of property rents it pays to house its schools and administration buildings, with the total amount saved exceeding €750,000.

“This is a fact that reflects the prudent and tidy economic policy pursued in recent years,” the university said.

Tepak explained that the savings came from a series of renegotiations with each respective property owner, regarding both new and pre-existing properties, whose contracts were up for renewal.

The total amount saved comes up to €759,423 spread over a period of three years.

On an annual basis, the €253,141 saved reflects a decrease of 27 per cent on the previous amount.

According to data released on Friday by the Cyprus Central Bank, total deposits in the Cypriot banking system showed a significant net increase in October of this year, reaching €50.5 billion, an amount considered to be quite high in a historical context.

At the same time, total loans reached a new all-time low of €29.6 billion.

In terms of savings, these rose by a net figure of €279.6 million in October, significantly more than September’s €8 million net increase.

In terms of loans, these fell by €15.7 million in October, while they fell by €27.1 million the month before that.

The Cyprus Stock Exchange (CSE) ended Friday, November 26 with notable losses.

The main Cyprus Stock Market Index was at 65.98 points by 15:22 during the day, reflecting a drop of 1.76 per cent over the previous day.

The FTSE / CySE 20 Index was at 39.47 points, representing a decrease of 1.77 per cent. The total value of transactions came up to €146,142.42.

In terms of sub-indexes, the main index, alternative index and investment firms index fell by 2.23 per cent, -0.42 per cent and 0.48 per cent respectively. The hotel index, meanwhile, rose by 0.32 per cent.

The biggest investment interest was attracted by Vassiliko Cement Works (-1.5 per cent), Bank of Cyprus Holdings (-4.59 per cent), Demetra (-0.53 per cent), Hellenic Bank (-1.69 per cent) and Cyprus Cement Company (+0.99 per cent).