Tourist arrivals in Cyprus reached an all-time high for August this year, with 554,923 visitors, surpassing the previous record set in August 2019 by 0.20%, according to data released by the Cyprus Statistical Service (CyStat) on Tuesday. Compared to August last year, there was an 8.5% increase. From January to August 2024, a total of […]

Eurobank and the Indian Chamber of Commerce (ICC) this week signed a Memorandum of Understanding (MoU) at the Indian Embassy in Athens. The agreement, signed on September 16, aims to establish the India-Greece-Cyprus Business Council (IGC), marking a significant step towards strengthening trilateral business ties. The MoU was signed in the presence of the ambassador […]

The Cyprus Borrowers Association (Syprodat) and Central Bank of Cyprus (CBC) governor Christodoulos Patsalides on Tuesday discussed the need for sustainable loan restructurings, as well as the issue of lending rates. In a statement to the Cyprus News Agency (CNA), Syprodat president Costas Melas described the meeting as constructive. He said that both sides agreed […]

United Kingdom remains key source of tourism, followed by Israel, Poland Tourist arrivals to Cyprus reached 554,923 people in August 2024, an 8.5 per cent increase compared to 511,387 in August 2023, according to a report released on Tuesday from the Cyprus Statistical Service (Cystat). From January to August 2024, a total of 2,758,627 tourists […]

Eurobank’s recent acquisition of a majority stake in Hellenic Bank, Cyprus is set to enhance its credit profile and geographic diversification, according to a statement by credit rating agency Moody’s. Moody’s noted that Eurobank’s newly acquired 55.9 per cent stake in Hellenic Bank, the second-largest bank in Cyprus, adds to its existing presence in the […]

Research Deputy Ministry official Georgios Komodromos on Tuesday said that digital transformation is crucial in improving the country’s competitiveness and economic growth. In a statement, Komodromos outlined the government’s vision for Cyprus to become a regional centre for technology and innovation, saying that Cyprus is currently in its strongest position to pursue this goal. “The […]

Cyprus experienced a 4.8 per cent increase in hourly labour costs during the second quarter of 2024 when compared to the same period from last year. According to a report from the Cyprus Statistical Service, which utilised preliminary data, the rise in labour costs was attributed to increases in both wages and non-wage costs. Specifically, […]

Cyprus’ competition watchdog has ruled that competition in the country’s banking market remains healthy, approving Eurobank’s acquisition of a 26.1 per cent stake in Hellenic Bank. With the transaction, Eurobank now controls 55.9 per cent of Hellenic Bank shares. The Commission for the Protection of Competition’s (CPC) decision, which was made public in the Official […]