The profitability of the Cyprus banking sector remarkably spiked by an annual 644 per cent in 2023, reaching €1.27 billion. This significant increase was fueled by the high-interest environment, according to data released by the Central Bank of Cyprus (CBC). According to the aggregate Cyprus banking sector data published by the CBC, net interest income for […]
Real estate transactions hit an all-time high in Cyprus last year, Deloitte has said in a report, noting that interest was focused on the residential market and on the seaside city of Limassol. It also said that it expects interest to remain strong this year, though luxury condos in high-rise developments may see a decline. […]
The government’s main concern is to improve businesses’ access to funding, which is something that has been discussed with the newly-appointed Central Bank Governor, President Nikos Christodoulides said addressing the 14th Nicosia Economic Congress. The President also revealed that the action plan for the establishment of the National Development Agency will be revealed to the […]
Amid the rising trend of renewable energy demand and the use of electric vehicles (EVs) in the Kingdom, the Royal Government of Cambodia (RGC) asked businessmen to seize the opportunity by investing in the EV-related industry that comes with a range of benefits for both the consumers and the environment. Presiding over the ‘RMA Cambodia […]
Kampot province is even more attractive to tourists after the statue of the “sea horse” spraying water in the garden in front of the old provincial hall was completed. This 8-metre-tall sea horse statue has water spraying from its mouth and is decorated with coloured lights. Many national and international tourists visit and take souvenir […]
Cambodia’s economic growth is forecast to strengthen in 2024 with continued moderating inflation, said an ASEAN+3 Macroeconomic Research Office (AMRO)’s regional economic outlook released on Monday. The report said Cambodia’s economy is expected to grow at 6.2 percent this year, up from 5.3 percent last year. It added that inflation is projected to accelerate to […]
CHN Energy Investment Group Co. LTD, a state-owned mining and energy company in China, has proposed energy investment focusing on renewable power sources – solar PV and hydropower dams. In a meeting held on Monday between representatives of CHN Energy and Suon Sophal, Deputy Secretary General of Cambodian Investment Board at the Council for the […]
The Kingdom of Cambodia ranked first in ASEAN and third among the 20 fastest growing economies in Asia with a growth rate of 6.1% in 2024. According to Pen Bona, spokesperson of the Royal Government of Cambodia, the ranking of economic growth published by the Indonesian statistics firm SeasiaStats is based on the forecasts of […]
Many resorts in Kampong Cham province are ready to welcome national and international tourists on the occasion of Khmer New Year with colourful decorations, strengthen security, and order to provide safety to create fun and attract more tourists to visit than in previous years. Sean Sokun, Director of Kampong Cham Provincial Department of Tourism, said […]
The services sector performed very well in 2023 said the Employers and Industiralists Federation (Oev), with significant improvements registered in several key areas. Notably, the indicators for accommodation and catering services saw an impressive increase of 18.9 per cent, administrative and support services grew by 15.5 per cent, professional, scientific, and technical activities by 2.7 […]
Kedipes has announced a new repayment plan for non-performing loans (NPL) that would be secured by a primary residence, with a market value of up to €350,000. In a detailed statement, Kedipes said that this initiative is part of its long-term commitment to finding consensual solutions tailor-made for the specific circumstances of each borrower. Working […]
Minister of Energy, Commerce and Industry George Papanastasiou has departed for Tokyo, Japan, where he will participate as head of a business delegation in the Cyprus-Japan Business Forum on 9 April. The event is being co-organised by the Ministry of Energy, the Cyprus Chamber of Commerce and Industry and the Republic of Cyprus Trade Centre […]
Finance Minister Makis Keravnos said the government’s goal is to create a fully digitalised state offering quality services, addressing a gathering over the weekend. The summit, entitled “The future of Business: Adapting to a Changing Landscape”, was organised by CIM, the Cyprus Business School at the Bank of Cyprus headquarters in Nicosia. Speaking about the digital transition, […]
Cyprus’ General Government surplus exceeded half a billion in the first two months of 2024 marking an increase of 34% compared with the respective period of last year. According to preliminary data released by the Statistical Service of Cyprus (CyStat), the general government fiscal results indicate a surplus of €534.8m, representing 1.7% of GDP, for […]
The Cyprus-Greece maritime passenger connection will run for a third consecutive year, subsidized by Nicosia following the European Commission approval. An announcement from Cyprus’ Deputy Ministry for Shipping is expected on April 16, regarding the resumption of the service, scheduled to commence on May 29. Ticket sales will begin shortly after the announcement. In 2023, […]
Career banker Christodoulos Patsalides was appointed governor of the Central Bank of Cyprus on Monday for a five-year term, the island’s presidency said. Patsalides, who will represent Cyprus on the rate-setting Governing Council of the ECB, takes up his duties on April 11, replacing Constantinos Herodotou. Patsalides has been an economic adviser to Cypriot President […]