Cyprus: Financial openness
* indicates monthly or quarterly data series
| Cyprus |
Financial openness index |
|---|---|
| Latest value | 2.299 |
| Year | 2021 |
| Measure | index points |
| Data availability | 1970 - 2021 |
| Average | -0.072 |
| Min - Max | -1.242 - 2.299 |
| Source | Chinn-Ito Index |
The latest value from 2021 is 2.299 index points, unchanged from 2.299 index points in 2020. In comparison, the world average is 0.322 index points, based on data from 176 countries. Historically, the average for Cyprus from 1970 to 2021 is -0.072 index points. The minimum value, -1.242 index points, was reached in 1970 while the maximum of 2.299 index points was recorded in 2008.
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Definition: The Chinn-Ito index measures a country's degree of capital account openness and was introduced in Chinn and Ito (Journal of Development Economics, 2006). It is based on variables that codify the restrictions on cross-border financial transactions in the IMF's Annual Report on Exchange Arrangements and Exchange Restrictions. Higher values mean greater financial openness.
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Terms of trade | 86.05 | 2021 | percent |
| Trade openness | 192.79 | 2023 | percent |
| Financial openness | 2.299 | 2021 | index points |
| Exports, percent of GDP | 97.02 | 2023 | percent |
| Exports, billion dollars | 32.88 | 2023 | billion U.S. dollars |
| Growth of exports | -1.24 | 2023 | percent |
| Imports, percent of GDP | 90.27 | 2023 | percent |
| Imports, billion dollars | 32.45 | 2023 | billion U.S. dollars |
| Foreign Direct Investment, percent of GDP | -27.75 | 2023 | percent |
| Foreign Direct Investment, billion dollars | -8.94 | 2023 | billion U.S. dollars |
| Portfolio investment inflows, equities | -1,002.07 | 2023 | million dollars (current) |
| Current account, percent of GDP | -12.10 | 2023 | percent |
| Current account, in dollars | -3.89 | 2023 | billion U.S. dollars |
| Trade balance, percent of GDP | -0.92 | 2023 | percent |
| Trade balance, in dollars | -0.28 | 2023 | billion U.S. dollars |
| Reserves | 1.79 | 2023 | billion U.S. dollars |
| Remittances, percent of GDP | 1.86 | 2023 | percent |
| Remittances | 600.00 | 2023 | million U.S. dollars |
| Net errors and omissions | 781.75 | 2023 | million USD |
| Foreign exchange reserves | 2.14 | 3/2025 | billion |