The 6% increase in the use of local cards at home translates into a total of €197.8 million spent and shows an upward momentum in many sectors, including supermarkets, travel agencies, education and government payments.

Cumulative spending figures for the first seven months of 2014 show a 7% increase in the use of cards at home with approximately €1.3 billion having been spent on the island.

But spending abroad has seen a steep 14% (€656,922,093) drop for the first seven months with the average value of transactions falling to €107, down from €129 in 2013.

There was a 3% drop in July's spending patterns abroad translating into a total €101.7m spent. But, figures regarding the use of foreign cards in Cyprus showed an impressive 16% increase last month, coming hand-in-hand with a 21% spike in the number of transactions, with the average value of transactions reaching €99, downfrom €103 last year.

The use of foreign cards on the island for purchases totalled €77m for July and an estimated €337.7m since the beginning of the year.

Greek Cypriot card holders spent approximately €1m in the occupied areas and Turkey in a total of 6,945 transactions, mainly on hotels, entertainment, airlines, clothing and other retailers.  

Turkish Cypriot card holders spent approximately €1.6m in the government controlled areas during the month of July.

Source: InCyprus