The board of directors of state-owned asset management company Kedipes this week decided to make the largest quarterly cash payment to the state since its establishment in 2018, amounting to €140 million, for the first quarter of 2024. According to an announcement by the Kedipes, this decision falls within the framework of repaying the state aid received by […]

The fleet of vessels registered under the Cypriot flag has seen a significant increase of approximately 5.5 per cent, equivalent to about 1.1 million tonnes, over the past six months, according to the Deputy Minister of Shipping Marina Hadjimanolis. The minister’s comments were delivered during an event at the DP World passenger terminal in the […]

CBC governor Constantinos Herodotou on Friday addressed the “Digital Financial Literacy: the Way Forward” conference, held by the Central Bank of Cyprus (CBC). The conference aimed to explore the multifaceted dimensions of digital financial literacy, acknowledging both the challenges and opportunities arising from the increasing use of digital technologies in our daily lives. “Financial literacy allows people […]

Total deposits in February recorded a significant net increase by €65.4 million following a decrease of €366.0 million the previous month, while loans recorded a large net increase of €348.9 million after a net decrease of €122.9 million recorded in January 2024. According to the Central Bank of Cyprus’ Monetary Financial Institutions (MFIs) deposits and […]

Cyprus’ Industrial Production Index surged to 99.5 units (base year 2021=100), marking an annual increase of 4.2% compared to the same period in 2023, according to Cystat. The manufacturing sector recorded a 3.2% uptick compared to January 2023. Notable increases were also evident in other key sectors. The water supply and materials recovery sector saw […]

The total sales of petroleum products in Cyprus reached 115,421 tons in February, marking a 7.1 per cent increase compared to February 2023, according to a report released on Wednesday by the Cyprus Statistical Service (Cystat). According to the report, there was a rise in the supply of oil to ships (48.2 per cent) and aircraft (8.7per […]

Central Bank of Cyprus (CBC) governor Constantinos Herodotou on Thursday utilised the second educational video by the CBC to emphasise the vital importance of digital financial literacy in today’s digital age. According to the CBC, these videos are integral to a larger initiative aimed at improving financial literacy throughout Cyprus, with a particular focus on educating the youth. […]

President Nikos Christodoulides on Thursday met with the advisory committee on tax reform, asking that progress on this matter be accelerated, in order to reap any benefits at the earliest opportunity. The meeting, which took place at the Presidential Palace in Nicosia, also involved Finance Minister Makis Keravnos, and allowed the president to be briefed on the progress recorded […]

The Ministry of Finance has welcomed the European Commission’s In-Depth Review on the Cypriot economy, stating that its results show the government’s “sound economic policy and the efforts exerted to correct the economy’s macroeconomic imbalances.” “The government’s concern is the implementation of policies which would safeguard further correction of imbalances and the strengthening of the […]

The Council of Ministers is convening for an extraordinary session on 28 March to approve a new package of targeted measures to alleviate pressures from price hikes. According to CNA sources, the government will not renew the zero excise tax on fuels which expires at the end of March, but will renew the scaled state […]

From tragic to comic, leading ballet dancers will play them all. SARA DOUEDARI meets the Principal Dancer of the Vienna State Ballet, who has journeyed from an island more often celebrated for its historical sites than its ballet traditions Born in Nicosia, a place where ballet opportunities are limited, Ioanna Avraam’s rise to the top […]

Cyprus is an important destination for investments from Estonia and there are many areas of cooperation between Estonian and Cypriot companies, said President of Estonia Alar Karis. On the first day of a three-day official visit to Cyprus, he was addressing a 27 March business forum organised by the Cyprus Chamber of Commerce and Industry […]

A lavish and contemporary villa in Cyprus that sits right on sparkling waters of the Mediterranean Sea has hit the market for €3.19 million (US$3.45 million).  Villa 82, as it’s known, is set in a private gated community within the island’s Paphos district alongside one of the top beaches in the region, according to the […]

Canadian credit rating agency DBRS Morningstar has affirmed the Republic of Cyprus’ long-term ratings, maintaining it at BBB (high) with a stable economic outlook. Amid global uncertainties, DBRS cited risks such as the Ukraine conflict and trade disruptions in the Red Sea, which could impact Cyprus’ fiscal outlook. Downgrade possibilities loom if sovereign debt worsens […]

Cyprus’ main exports for 2023 included mineral fuels and oils, halloumi and pharmaceutical products, according to CySTAT. In an infographic published on 26 March, CySTAT shows that Cyprus exported €508.39 million of domestically produced goods to EU countries and another €1.84 billion to third countries. The main products that Cyprus exported to EU countries were pharmaceuticals at […]

Cyprus took part in the International Food and Drink Event (IFE) this week, promoting a number of products at the three-day international food and beverage event, that opened its doors on Monday at the ExCel exhibition centre in London. According to a statement released on Tuesday, the Ministry of Energy, Commerce, and Industry, in collaboration with the […]