On September 25, the Central Bank of Cyprus released its latest Bank Lending Survey, detailing trends in loan demand and lending practices for businesses and households. The report highlights that in the second quarter of 2024, demand for business loans in Cyprus remained steady, while there was a sharp decline in consumer loans and mortgage lending. For business loans, the report noted that while...
Starting from October 2, 2024, Cyprus will no longer require mandatory construction licences for certain low-risk building projects. This change specifically applies to the construction of one or two residential buildings, provided specific conditions are met. This update was recently announced by Interior Minister Constantinos Ioannou. The main goal of this reform is to streamline the application...
Transport Minister Alexis Vafeadis announced on Friday that both foreign and Cypriot investors have expressed interest in the Larnaca port and marina development project. He encouraged Cypriot investors to participate in the bidding process, emphasizing the importance of ensuring the project benefits future generations. Following a meeting with the Larnaca mayor, Vafeadis highlighted the significance of...
The Cyprus government is placing significant emphasis on improving care for the elderly, acknowledging both the advantages of increased life expectancy and the challenges it presents. Speaking on behalf of President Nikos Christodoulides at the "Walking with the Elderly" march in Foini, Deputy Welfare Minister Marilena Evangelou highlighted the importance of adapting to longer lifespans. Evangelou...
Cyprus' banking sector saw a notable increase in liquidity, reaching €28.7 billion in August 2024, as reported by the Central Bank of Cyprus (CBC). This growth was driven by rising deposits and a decrease in loans, reflecting a robust financial position. According to CBC data, total deposits surged by €288.5 million in August, surpassing the €164.7 million rise observed in July. This brought the...
During a working lunch in New York on Wednesday, U.S. business leaders expressed strong interest in exploring investment opportunities in Cyprus, meeting with President Nikos Christodoulides to discuss potential collaborations. The Presidency released a statement indicating that the purpose of the meeting was to draw quality investments to the island. Government Spokesman Constantinos Letymbiotis...
As of Thursday, September 26, it has been confirmed that municipalities will continue to oversee hazardous buildings until the end of March 2025. This decision follows the passing of a last-minute law by parliament, which stemmed from a legislative proposal put forth by MPs, as the government opted not to present its own draft. Initially, the responsibility for dangerous buildings was set to be handed...
On Friday, September 27, it was revealed that China has eliminated visa requirements for Cypriot citizens. This significant announcement was made by Chinese Foreign Minister Wang Yi during a meeting with President Nikos Christodoulides on Thursday, which took place in New York amid the UN General Assembly. According to government spokesman Konstantinos Letymbiotis, the two leaders discussed the robust...
According to the latest figures released by the Central Bank of Cyprus (CBK) on Friday, September 20, the volume of non-performing loans (NPLs) in Cyprus dropped from €177.6 billion in May to €166.9 billion in June. This marks a €107.1 million decrease in NPLs within the Cypriot banking system compared to the previous month, showcasing some improvement in the sector. As per the European Banking...
Extended weekends in October are boosting travel demand among Cypriots, with popular cities in Greece and across Europe becoming top choices for short getaways. As noted in Anna Polyviou's report for Kathimerini, Cypriots are eagerly planning trips for the public holidays on October 1st and October 28th, taking full advantage of the long weekends. Greece remains the number one destination for Cypriot...
