On Friday, the Bank of Cyprus announced an immediate cut in its reference rate for loans linked to the European Central Bank’s (ECB) base interest rate. The reduction will see the rate drop from 4.25% to 3.65%, taking effect from September 18, 2024. This decision follows the ECB’s recent move to lower interest rates, with the bank highlighting that the 0.60% reduction is expected to provide a...
During a meeting on September 11, 2024, Cyprus President Nikos Christodoulides and UAE President Sheikh Mohammed bin Zayed al Nahyan focused on enhancing cooperation in energy, infrastructure, and regional matters. This discussion was part of an official visit initiated by the UAE President's invitation to his Cypriot counterpart. According to a statement from Government Spokesman Konstantinos...
The Limassol Municipality is advancing a significant infrastructure project at the Akti Olympion site, which includes the construction of a new wharf alongside the current boat ramp and the restoration of the existing facility. Approved by the Environmental Department, the project has been reviewed by various authorities, including the Department of Fisheries and Marine Research, the Cyprus Ports...
According to the Cyprus Real Estate Agents Registration Board, there has been a noticeable shift in investor interest towards land purchases in the second quarter of 2024. Released on Tuesday, 3rd September, the data highlights a growing trend among investors to buy land plots on the island, primarily for the development of modern residential complexes, which are later resold as individual...
A significant reduction in Cyprus’ trade deficit was recorded during the first seven months of 2024, with a 17% decrease bringing the figure down to €4.31 billion from €5.19 billion in the same period of 2023. This data, released by the Statistical Service of Cyprus (Cystat), suggests a potential improvement in the island’s trade balance, though it raises questions about the broader economic...
The municipality of Limassol is preparing to embark on a new infrastructure project in the Neapolis area, following recent approval from the Cyprus Environment Ministry. The project involves constructing a new jetty and upgrading the surrounding area, signaling a significant enhancement to this part of the city. According to an official press release, Limassol's municipality will revamp the existing...
President Nikos Christodoulides is preparing to visit various districts across Cyprus, starting with rural regions, to engage with local leaders about the recent updates to local government regulations. This initiative was revealed during an event at the Presidential Residence in Troodos, hosted by First Lady Philippa Karsera-Christodoulides. Christodoulides emphasized that revitalizing rural areas is a...
Influencers in Cyprus are facing heightened scrutiny as authorities intensify checks on tax compliance and transparency in advertising. This move is part of an effort to protect consumers, spurred by new EU regulations requiring influencers to clearly disclose any commercial interests in their social media posts. According to Cyprus Mail's Souzana Psara, both the Tax Department and the Consumer Protection...
The European Commission has approved a financial package of €39.5 million for 2024 aimed at aiding the Turkish Cypriot community and advancing efforts toward the reunification of Cyprus. The funds will be directed toward several major initiatives, including the Halloumi/Hellim Protected Designation of Origin (PDO) project. This program marks the first time Turkish Cypriot producers can benefit from EU...
Senior representatives from four of Cyprus' major banks will travel to the U.S. on September 16 to present the strides they’ve made in anti-money laundering (AML), sanctions enforcement, and management of foreign accounts. As reported by Panayiotis Rougalas in Kathimerini, the delegation includes officials from Bank of Cyprus, Hellenic Bank, Eurobank Cyprus, and Astrobank. They are scheduled to meet with...
