Intensive and persistent consultations and negotiations between Cyprus’ Natural Gas Infrastructure Company (ETYFA) as China’s CMC consortium have ‘unblocked; the procedures relating to the “Prometheus” floating natural gas gasification unit, which, based on the agreement reached, will be delivered to the Cypriot side within 60 days. This development is characterised as very important, both by […]

The Cyprus Stock Exchange (CSE) and Invest Cyprus, the country’s official investment promotion agency, signed a Memorandum of Understanding (MoU) on Friday. According to a joint statement from the two organisations, the agreement aims to strengthen their collaborative efforts in attracting investments to Cyprus. In addition, the announcement said that “the partnership will focus on […]

Cyprus’ Composite Leading Economic Index (CCLEI), maintained by the University of Cyprus’ Economics Research Centre (CypERC), recorded a year-on-year increase of 1.1 per cent in September 2024. This follows annual growth rates of 0.8 per cent and 0.4 per cent in August and July 2024, respectively, according to recently revised data. The Economics Research Centre […]

The Bank of Cyprus’ compliance team has received significant recognition from the Association of Compliance Officers in Greece, according to an announcement released this week. The Compliance Awards ceremony took place in Athens, with Greek Minister of Economy and Finance Kostis Hatzidakis in attendance. The Bank of Cyprus won the gold award for the best […]

Cyprus introduced its first zero-emission vessel, Evploia Aphrodite, at Larnaca Marina this week, with the support of Deputy Shipping Minister Marina Hadjimanolis. Evploia Aphrodite, developed by the Cyprus Marine and Maritime Institute (CMMI) with funding from the EU’s Co-Develop programme, is a fully electric vessel that reduces emissions along Cyprus’ coastline. It’s part of the […]

An increase in property sales reported yesterday by the Ministry of Interior has sparked concerns about the sector’s future trajectory, particularly for 2025, despite current positive growth indicators. Industry professionals warn that the combination of high demand, reduced supply, and delays in new stock entering the market could trigger further price increases. According to Land Registry data […]

The European Central Bank (ECB) has scope to further cut its key interest rates as inflation moves closer to its target, but it should remain vigilant about potential upside risks, according to Christodoulos Patsalides, governor of the Central Bank of Cyprus and ECB Governing Council member. With the eurozone economy showing signs of slowing and […]

Cyprus is seeing increased travel activity for the upcoming October 28 holiday weekend, with Greece and the UK remaining the most popular destinations, according to travel industry representatives. “We are observing heightened travel movement from Cypriots during the October 28 weekend,” said Haris Papacharalambous, president of the Association of Travel Agents. He noted that many […]

New residential property sales in Cyprus showed strong growth in the first nine months of 2024, with apartments dominating the market, the Ministry of Interior reported. Data from the Department of Lands and Surveys revealed a 19.2% increase in overall residential sales compared to the same period last year, with 5,253 sale contracts filed between January and […]

Strong revenue growth, mainly stemming from social security contributions and corporate income tax, have been the main driver of Cyprus’ strong fiscal outcomes which have “improved markedly in recent years,” international ratings agency, Morningstar DBRS has said. The agency said in commentary that Cyprus’ strong fiscal outcomes were a key-driver for the trend change of […]