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Hourly labour costs in Cyprus rose by 3.5 per cent in the third quarter of 2025, placing the country close to the European Union average and reflecting ongoing wage and cost pressures faced by employers across Europe, according to the latest figures released by Eurostat.   Data from the EU’s statistical office show that during the same period, hourly labour costs increased by 3.3 per cent in the euro area and by 3.7 per cent across the EU as a whole, compared with the third q

Greece has taken another step in shedding the legacy of its sovereign debt crisis by repaying a portion of its eurozone bailout loans well ahead of schedule, a move aimed at strengthening investor confidence and reducing long-term borrowing costs.   This week, Athens completed the early repayment of €5.3bn in loans issued under the first eurozone bailout programme. These obligations were originally set to mature after 2031, with some extending into the 2040s. Paying them down

Cyprus is facing an increasingly severe housing challenge that is placing growing pressure on young people and first-time homebuyers, according to the Cyprus Borrower Protection Association (Syprodat), which is urging swift and meaningful action as the European Union steps up efforts to address rising housing costs across the bloc.   This week, Syprodat said a newly unveiled European Commission initiative on affordable housing underscores the urgent need for comprehensive and

Cyprus and Vietnam took another significant step in deepening their bilateral relationship on   Wednesday, signing a double taxation avoidance agreement aimed at enhancing economic cooperation and curbing tax evasion related to income taxes.   The agreement was formalised at the finance ministry in Nicosia and was signed by Cyprus’ Finance Minister Makis Keravnos and Vietnam’s Deputy Minister of Finance Cao Anh Tuan.   The convention is designed to provide greater clarity and

Eurobank announced on Wednesday that it has officially stepped into the role of principal employer for the MAP multi-employer provident fund based in Nicosia, a change that took effect on December 8. The bank characterised the move as a clear expression of confidence in the Cypriot economy and its long-term growth prospects.   “This development constitutes a significant upgrade for the fund and is expected to contribute substantially to the further enhancement of MAP’s corpor

Eurobank and National Bank of Greece (NBG) have emerged at the top of European banking rankings for return on equity, according to a pan-European report by UBS, underscoring the sustained profitability and resilience of the Greek banking sector. The findings, shared by Greek business outlet Newmoney, place both Eurobank and NBG firmly in the upper echelons of the European ranking for return on equity, reflecting gains that are “not a cyclical phenomenon but is instead the res

Cyprus’ parliamentary commerce committee is moving closer to approving a reduction in the turnover threshold that determines whether companies can undergo a simple financial statement review rather than a full audit, settling on €400,000.   This represents a significant narrowing from the €900,000 level originally proposed by Disy.   The matter returned to the committee on Tuesday after the taxation department, the Central Bank of Cyprus (CBC) and the Association of Cyprus Ba

The 16th Pension Forum in Nicosia placed the spotlight on the major challenges confronting Cyprus’ pension system, while also exploring fresh perspectives arising in an environment undergoing rapid transformation, according to the event overview.   The forum, titled ‘Making better decisions – New perspectives for the pension’, took place with the support of Eurobank.   During the discussions, speakers emphasised that the demand for strategic flexibility and specialised expert

The Republic of Cyprus registered a double vote of confidence in the resilience of its economy this week, as both Moody’s and Fitch upheld the country’s investment-grade standing—while Fitch went a step further by shifting Cyprus’ outlook to “positive.” In a written statement, Finance Minister Makis Keravnos emphasized that these decisions reflect “the international houses' confidence in the government's fiscal performance and prudent economic policy.” In his official announc

S&P Global Ratings shifted its outlook for the Cypriot economy to “positive” from “stable” late on Friday, pointing to a faster-than-anticipated improvement in the country’s external debt metrics.   The agency confirmed the Republic of Cyprus’ credit score at “A-/A-2” for both long-term and short-term obligations, in domestic and foreign currency.   According to S&P, the upgraded outlook reflects its expectation that Cyprus’ external position will exceed current forecasts ove

Cyprus ranked among the European Union member states where foreign-controlled companies accounted for the smallest share of employment and economic output in 2023, according to data published by Eurostat on Wednesday. Despite the significant overall impact of foreign-controlled enterprises across the EU, their presence in Cyprus remains comparatively limited. Based on figures that include both employees and self-employed individuals, foreign-controlled enterprises in Cyprus r

Strengthening player safety through an effective fight against the illegal gambling market and building public trust were emphasized as key priorities by the President of the National Betting Authority (NBA), Panagiotis Trisokkas, who represented the Authority at the SiGMA Central Europe Summit held in Rome from November 4 to 6. The SiGMA Central Europe Summit, one of the leading international gatherings in the gaming sector, brought together thousands of professionals, regul

The Bank of Cyprus announced on Tuesday that it achieved a profit after tax of €353 million for the nine months ended September 30, 2025, maintaining stable profitability and reinforcing shareholder confidence amid continued economic resilience. “We are pleased to announce another set of strong financial results, generating in the first nine months of 2025 a profit after tax of €353m,” said Bank of Cyprus CEO Panicos Nicolaou. “This performance reflects the resilience of our

The National Bank of Greece (NBG) has announced that, following meetings of its Board of Directors held on September 18 and October 22, 2025, it will distribute an interim dividend to shareholders for the 2025 financial year, underscoring the bank’s robust profitability and commitment to enhanced shareholder returns. A total gross amount of €200 million will be distributed in cash, equivalent to €0.2186 per share. This figure will be adjusted to include shares held by the ban

Revolut has officially selected Cyprus as the central base for its European digital asset operations, following the company’s acquisition of a Markets in Crypto-Assets (MiCA) licence from the Cyprus Securities and Exchange Commission (CySEC) through its local entity, Revolut Digital Assets Europe Ltd. This newly granted authorization signals the beginning of a significant new chapter for both Revolut and Cyprus, as the MiCA regulation introduces a comprehensive European frame

The Cyprus Stock Exchange (CSE) has announced its intention to proceed with the delisting of European Medium-Term Notes (EMTN) after the securities reached maturity and were fully repaid. The decision, according to the CSE, follows an official request made by the Ministry of Finance. The notes in question are the European Medium-Term Notes with an expiry date in 2025, carrying an interest rate of 4.25 per cent and identified by the code EMTN1125. The exchange confirmed that t

The Cyprus Real Estate Development Association has expressed strong approval for the unanimous decision by the House of Representatives to pass new legislation establishing a framework for the regulation of foreign direct investments (FDI). The law signifies Cyprus’ full alignment with the European Union’s screening regulation, aimed at enhancing oversight of foreign investments that may impact national security. Under the new legal framework, Cyprus will introduce stricter c

The Cyprus Securities and Exchange Commission (CySEC) has announced that it is temporarily halting the publication of its Certification Registers and certification examination results following the discovery of identity fraud incidents involving these records. According to the commission, certain individuals have been found unlawfully using the personal data of people listed in the Certification Registers or mentioned in the announcements of examination results, with the inte

Bank of America (BofA) Securities reaffirmed its optimistic stance on the Greek banking sector this week, highlighting that the industry is currently undergoing a transitional period as markets focus on the trough for net interest income and the emergence of a new merger and acquisition (M&A) cycle. Despite projections of a 19 per cent quarterly decline in net profits for the third quarter, BofA emphasized that investors are likely to concentrate on the medium-term outlook an

The Cyprus Securities and Exchange Commission (CySEC) has announced the adoption of new joint guidelines that require financial entities to assess and report the aggregated annual costs and losses resulting from major Information and Communications Technology (ICT)-related incidents, in line with the Digital Operational Resilience Act (DORA Regulation). In a circular distributed on Wednesday, the commission informed a broad spectrum of supervised financial entities that it ha