The Cyprus Securities and Exchange Commission (CySEC) this week announced its adoption of the European Banking Authority’s (EBA) guidelines on governance for issuers of asset-referenced tokens (ARTs). These guidelines, issued in June 2024, aim to bolster the management and oversight of ART issuers, ensuring enhanced consumer and investor protection. The guidelines, under Article 16 of Regulation (EU) No 1093/2010, […]
Central Bank of Cyprus (CBC) govennor Christodoulos Patsalides on Thursday addressed the Economist annual summit, highlighting the European banking sector’s resilience, while also addressing the challenges and risks facing the region’s economy. Patsalides opened by saying that the European Central Bank (ECB) had made significant progress in its disinflationary efforts, with inflation falling to 2.0 […]
Blink and it is almost Christmas. With the last full weekend of November here, the festive period is fast approaching and you can be sure that by next week, the whole island will be dressed in the Christmas spirit. This weekend will see the first of the season’s festive happenings as the Christmas villages open, […]
Apartment prices and rents in Cyprus defied broader market declines during the third quarter of 2024, reflecting strong demand, according to a report from real estate analytics firm Ask Wire. At the same time, the report showed that other property types struggled under the weight of high interest rates and shifting buyer preferences. The report is based on the […]
Tourism in Cyprus continues to shine in 2024, with arrivals nearing 3.73 million between January and October, marking a 4.6% annual increase. This figure also slightly surpasses the same period in 2019, a record-breaking year for Cypriot tourism, showing a 0.81% rise, as Cyprus solidifies its position as a dynamic hub for global travel. October […]
The Cyprus government on Monday, November 25, will offer new 13-week Treasury Bills (T-bills), set to mature on 28 February 2025. The annualised yield for the new issuance is expected to range between 2.95 per cent and 3.05 per cent. The move comes as Treasury Bills continue to capture the interest of both retail investors […]
President of the European Investment Bank (EIB) Nadia Calvino will visit Nicosia on Friday to inaugurate the EIB’s new office in Cyprus, according to an official announcement. Calvino’s visit will also see her engage with Cypriot leadership on future investment initiatives. According to the announcement, the new office in the Cypriot capital aims to strengthen the EIB group’s local […]
PwC Cyprus, in collaboration with Multimarine Services Ltd, SignalGeneriX Ltd, and Theophrastus Research Institute, has been awarded Project Symbiosis by the European Defence Agency (EDA). Announced this week, the initiative will explore how offshore renewable energy can coexist with defence operations across Europe’s maritime zones, addressing challenges and opportunities in sustainable energy integration. Project Symbiosis, […]
The first mobile desalination units will be ready in October 2025, the water development department said on Tuesday. The department added that Cyprus was top of Europe regarding per capita storage of rainwater and the use of non-conventional resources, with 110 dams – of which 57 are large – five desalination plants covering over 70 […]
Despite recent inflation-driven cost of living concerns, Cyprus’s middle class appears to be thriving based on consumption patterns, even as social inequalities widen, new data suggests. Key economic indicators show growth across multiple sectors, with increases in retail turnover, property sales, foreign travel, vehicle purchases, and particularly strong growth in food service and delivery sectors. However, […]
Tourist arrivals edged close to 3.73 million in the period of January to October 2024, recording an annual increase of 4.6% as well as a small increase of 0.81% compared with the respective period of 2019, a record year for Cypriot tourism. Furthermore, based on data by CySTAT, tourist arrivals in October 2024 amounted to 459,106 […]
The Bank of Cyprus on Tuesday announced that it has repurchased 50,000 of its ordinary shares with a nominal value of €0.10 each. The transactions were executed on November 18 on the Cyprus Stock Exchange (CSE) and the Main Market of the Athens Stock Exchange (ATHEX) through the company’s broker, the Cyprus Investment and Securities […]
The IDEA Innovation Centre, an initiative by the Bank of Cyprus, this week announced that it is now accepting applications for the tenth cycle of its startup programme. Aspiring entrepreneurs with innovative ideas are encouraged to apply by February 14, 2025. As the largest innovation and business support organisation in Cyprus, IDEA is calling for […]
Rental property investments in Cyprus are generating significantly higher returns than bank deposits, with rental yields ranging from 4 to 6 per cent compared to the average bank deposit rate of 1.98 per cent for one-year household deposits, according to October data. Property consultancy Danos International reports that Limassol, which has seen the highest rent increases in recent […]
It takes around eight months to complete a house purchase in Greece, while in Italy it takes 120 days and in Cyprus only up to four days. Issuing a property identification number without the competent authorities having been digitized is the biggest problem. Almost one in two residences shows some surface discrepancy, between how it […]
The total weight of goods transported by road within Cyprus increased by 9.1 per cent during the second quarter of 2024 compared to the same period in 2023, according to a report from the Cyprus Statistical Service (Cystat). In addition, the report showed that road freight to and from Cyprus also saw a rise, with […]