The latest sanctions by the United States targeting entities and individuals supporting Russia’s military activities include a Cyprus-based company. According to a statement from the U.S. Embassy in Nicosia posted on the platform ‘X’, this move aims to block Russia’s access to essential resources. The embassy highlighted that the new sanctions are part of a broader global strategy against...
At an event hosted by Invest Cyprus in Athens, in partnership with the Embassy of the Republic of Cyprus, Deputy Minister to the President, Irini Piki, emphasized Cyprus’ dedication to maintaining a stable and reform-oriented economy. Attendees included ambassadors from countries accredited in Cyprus and based in Athens, underscoring the international interest in Cyprus as an investment hub. Deputy...
According to a recent study by Cyprus’ Ministry of the Interior, the island’s rental market has seen rapid growth, with prices reaching unprecedented levels across all property types, including both luxury and standard accommodations. The data, covering September 2024, highlights significant rent increases in urban areas and various suburbs. Here’s a breakdown of average monthly rents by...
On October 31, Cyprus’ Ministry of Energy, Commerce, and Industry announced the relaunch of its popular 'Solar for All' program, aiming to expand photovoltaic panel installations for Cypriot households. Originally launched in March 2024, the program attracted significant interest, with over 6,000 households applying and many already completing panel installations. Now, the ministry will extend subsidies...
Industrial output prices in Cyprus continued to decrease in September, showing a 1% year-over-year decline, according to data released on Thursday by the Cyprus Statistical Service (CyStat). In September 2024, the Industrial Output Price Index dropped to 123.4 points (with a base of 2021=100), marking a 0.4% decrease from August and a 1% decline compared to September 2023. Looking at the...
A Cyprus-registered company has been included in the latest US sanctions, aimed at entities and individuals allegedly supporting Russia's ongoing military activities. On October 30, the US Treasury released an updated sanctions list that includes Mostrello Commercial Ltd., a company operating from Cyprus. Mostrello was cited specifically under measures targeting Russia's maritime supply chain, as the US...
The European Commission has remained resolute in its demand that Cyprus repay €68.6 million in grants allocated for the liquefied natural gas (LNG) facility at Vasiliko, according to reports from Monday. These funds represent part of the €101 million total pledged by the EU for this LNG project, which was recognized as a European Project of Common Interest. However, according to Phileleftheros, the...
During a meeting at the House energy committee on Tuesday, officials confirmed there are currently no viable ways to reduce energy costs, which are heavily impacting the prices of essential goods. With inflation weighing heavily on lower-income households, one MP warned that some people are facing "financial annihilation" from the high cost of living. Committee chair Kyriacos Hadjiyiannis from the Disy...
The latest figures from the Central Bank of Cyprus (CBK) reveal a continued decline in the volume of non-performing loans (NPLs) within the country. As of July 2024, NPLs had decreased to €1.652 billion, down slightly from €1.669 billion in June. However, the number of NPL accounts rose by €17 million compared to the previous month. According to the European Banking Authority, loans considered...
A new bill mandating civil engineer inspections of Turkish Cypriot properties before allocation to eligible refugees sparked mixed responses from lawmakers in a House refugee committee meeting on Tuesday. The bill, introduced by MPs Christos Senekis, Nikos Kettiros, and Michalis Yiakoumis, aims to address ongoing issues regarding the condition and allocation of these properties. Following the...
