Hellenic Bank on Monday announced a reduction in its reference rate for loans linked to the European Central Bank’s (ECB) base rate. Effective from December 18, 2024, the rate will decrease by 0.25 percentage points, moving from 3.40 per cent to 3.15 per cent. “This reduction will also affect loans tied to Euribor interbank rates, […]

The Commissioner of State Aid Control Stella Michaelidou on Monday approved a €3 million grant scheme to boost rural tourism. Specifically, the scheme seeks to provide support for the renovation or enhancement of hotels and tourist accommodations in rural, mountainous, and remote areas. The scheme, originally announced on December 6, will be implemented by the Deputy Ministry of Tourism. Titled […]

Capital Intelligence Ratings has upgraded Hellenic Bank’s foreign currency long-term rating to “BBB-” from “BB”, citing significant improvements in financial stability and capitalisation. This took place on the same day when S&P Global Ratings upgraded Cyprus’ long-term credit rating to “A-” from “BBB+” with a stable outlook. Regarding Hellenic Bank, the agency also upgraded its […]

CyRIC and bialoom, two Cypriot organisations, are contributing to the PhotonMed project, a major initiative in healthcare innovation, according to an official announcement. PhotonMed is a €32 million international project aimed at revolutionising medical diagnostics and therapeutic tools using photonics technology. This initiative, coordinated by Finland’s VTT, brings together 39 partners across nine countries and […]

The Cyprus Chamber of Commerce and Industry (Keve) on Monday announced the appointment of Philokypros Rousounides as its new secretary general. The chamber said that Rousounides will assume his duties on January 1, succeeding the current secretary general, Marios Tsiakkis, who is retiring. The announcement also mentioned that Rousounides holds an MBA in international business and “brings extensive experience in […]

Cyprus’ Ministry of Transport, Communications, and Works has announced the launch of the first urban express bus route, aimed at improving commuter efficiency and easing traffic congestion in the capital, Nicosia. Starting Tuesday, December 17, 2024, and in collaboration with the operating company Cyprus Public Transport, the new Route X13 will be operational. The route […]

The history of the island has been shaped by the occupiers who have passed through. A new exhibition looks at how Venetian culture changed what Cypriots wore The rich legacy of Venetian textiles and their enduring influence on Cypriot society and what it has historically worn is at the centre of an ongoing Nicosia exhibition […]

President Nikos Christodoulides has announced the establishment of the Business Activity Service Centre, a centralised hub designed to assist both Cypriot and foreign entrepreneurs. “The philosophy behind our decision is to create a central point of contact for Cypriot and foreign investors who wish to operate or expand their activity in our country, so that […]

The Cypriot economy showed robust growth across key sectors during January-October 2024, according to a report released on Thursday by the Cyprus Statistical Service (Cystat). The report showed that manufacturing output rose by 3.3 per cent during the January-September 2024 period compared to the same period in 2023. Similarly, approved building permits reached 1,627,500 square metres in […]

New business activity support centre announced President Nikos Christodoulides on Thursday reiterated the government’s commitment to bolstering Cyprus’ construction and real estate sectors. Christodoulides’ comments were delivered during his speech at the annual general assembly of the Cyprus Property Developers Association. The event was held at the headquarters of the Employers and Industrialists Federation (Oev) in Nicosia. “The construction […]

Bank of Cyprus has introduced the QuickPay QR Code, a new feature enabling customers to send and receive payments quickly and securely through the BoC Mobile App using only their mobile phones. The bank said that this is designed to meet customer needs, with this service aiming to simplify transactions. Users can now send and […]

Cyprus is set to introduce a new AI-powered digital assistant on its gov.cy platform from 18 December 2024, offering citizens round-the-clock access to government information services. Deputy Minister for Research, Innovation and Digital Policy, Nicodemos Damianou, announced the initiative as part of the broader “Digital Citizen” project, marking the government’s first implementation of generative AI technology in […]

Cyprus is heading towards a double record in tourist arrivals and tourism revenues, according to a variety of statistics published by CySTAT, and so this perhaps the perfect time to consider how much visitors to the island are spending here. Based on the latest data announced, tourism revenues in the January-September period of 2024 increased […]

Invest Cyprus drives transformation with targeted incentives, partnerships and a vision for a tech-forward future What specific measures is Invest Cyprus currently taking to position Cyprus as a leading fintech hub? Our strategy for 2024-2026 focuses on three key areas: first establishing Cyprus as a leading International Business &  Financial Center, second driving growth and […]

Government employment in Cyprus reached 55,243 people in November, according to the latest data from the state’s statistical service. This represents an increase compared to the average government workforce of 54,229 during the January–November 2024 period. That figure marked a rise of 1,698 employees, corresponding to an increase of 3.2 per cent, from the same timeframe in 2023. The increase was largely attributed to the growth of temporary staff within the educational service. This […]

The Bank of Cyprus on Wednesday announced that it has renewed its ‘Equality Employer’ certification, recognising its efforts to promote gender equality in the workplace. According to the announcement, the certification reflects the bank’s commitment to equal opportunities and fostering an inclusive environment. According to an announcement, the renewal was conducted by the Labour Ministry’s […]