Cy & Gr News

Cyprus emerged as one of the strongest fiscal performers in the European Union in 2025, according to data released by Eurostat, achieving a budget surplus at a time when most member states continued to run deficits. The figures indicate that Cyprus was among a small group of countries to record a government surplus, reaching 3.4 per cent of GDP. It joined Denmark at 2.9 per cent, Ireland at 1.8 per cent, Greece at 1.7 per cent and Portugal at 0.7 per cent, standing in clear c

The Central Bank of Cyprus (CBC) has indicated that deposit rates in Cyprus remain below those observed across the eurozone, even as lending rates present a more mixed picture across different categories. According to the CBC’s latest data, the average interest rate for new housing loans in Cyprus stood at 3.04 per cent in February, compared with a higher eurozone average of 3.41 per cent. For household deposits with a maturity of up to one year, the average rate reached 1.

The Bank of Cyprus announced on Wednesday that its board of directors has formally approved the annual financial report for the year ending December 31, 2025, reaffirming a year marked by solid profitability, sustained lending expansion and a strong capital base. The report incorporates the audited financial statements of the Bank of Cyprus Group, which includes the holding company, Bank of Cyprus Public Company Limited and its subsidiaries. The full annual financial report h

Cyprus registered a further drop in unemployment in February 2026, even as joblessness across the euro area edged higher on a monthly basis, according to newly released data from Eurostat. The figures showed that Cyprus’ unemployment rate fell to 4.20 per cent in February 2026, compared with 4.50 per cent in the same month a year earlier, highlighting continued strengthening in the country’s labour market. In absolute terms, the number of unemployed individuals declined to

The introduction of the Markets in Crypto-Assets Regulation (MiCA) is transforming Europe’s digital asset landscape while simultaneously bringing new regulatory complexities to the surface, according to George Theocharides, chairman of the Cyprus Securities and Exchange Commission. Writing in an article originally published in Eurofi magazine, Theocharides characterised MiCA as a fundamental turning point for the European crypto-asset market. He explained that an industry w

Cyprus continues to rank near the bottom among European Union member states in terms of road freight transport share in 2024, underlining the country’s ongoing dependence on maritime logistics. Data released by Eurostat shows that Cyprus recorded a road freight share of 3.5 per cent in 2024, reflecting a modest rise from 3.4 per cent in 2023 and 2.7 per cent in 2022. Despite this incremental growth, the country still placed third from the lowest within the EU, excluding Malta

Bank of Cyprus has reached an agreement with Cyprus Development Bank for the acquisition of a portfolio comprising performing loans, deposits, and other assets and liabilities, with the transaction reportedly taking place at a price close to the nominal value of the assets. Under the terms of the agreement, the portfolio includes performing loans of approximately €150 million and deposits of roughly €500 million, based on a reference date of December 31, 2025. The move forms

The euro area recorded a trade deficit of €1.9 billion in January 2026, according to data from Eurostat, while Cyprus posted a notably improved trade balance over the same period. The deficit for the euro area widened from €1.40 billion in January 2025, reflecting shifts in trade dynamics across key sectors. Exports fell to €215.30 billion in January 2026, down 7.6 percent from €232.90 billion a year earlier, while imports also declined to €217.20 billion, a drop of 7.3 perce