Cy & Gr News

Christodoulos Patsalides, governor of the Central Bank of Cyprus (CBC), has indicated that the European Central Bank (ECB) is becoming increasingly likely to raise interest rates in June as inflation risks continue to intensify across the eurozone. Speaking in an interview with financial news agency MNI, later cited by Bloomberg, Patsalides said deteriorating economic conditions, rising oil prices and heightened geopolitical uncertainty are placing additional pressure on in

The credit rating agency Fitch Ratings reaffirmed Cyprus’s long-term foreign currency issuer default rating at “A-” with a positive outlook on Friday evening, citing the country’s strong fiscal performance, solid economic fundamentals, and the policy credibility stemming from its membership in the European Union and the Eurozone. According to the American agency, Cyprus’s rating reflects “the level of per capital income above the ‘A’ average, the strong fiscal results and

Industrial producer prices in Cyprus moved lower in March 2026, according to the latest figures released by Eurostat, standing in contrast to significant increases recorded across both the euro area and the wider European Union. Data released by Eurostat showed that industrial producer prices in Cyprus fell by 1.3 per cent in March compared with February 2026. The decline reversed the 0.2 per cent increase registered in February and followed the 0.6 per cent drop recorded i

The National Bank of Greece (NBG) has reported operating profits of €23.6 million in Cyprus for 2025, representing a year-on-year increase of 39 per cent as the bank continues to expand its presence and lending activity in the Cypriot market. In its announcement, the bank said it “records, for yet another year, a strong growth trajectory, confirming the consistent implementation of its strategy and its active role in supporting the economy”. According to the institution,

A notable escalation in distributed denial-of-service (DDoS) attacks is increasingly exposing Cyprus’ banking, payments, and iGaming sectors to heightened cyber risk, according to new findings published by cybersecurity firm Qrator Labs. The company’s Q1 2026 report indicates that these industries—core pillars of the island’s digital economy—are among the most frequently targeted sectors on a global scale. The data shows that banking institutions accounted for 22.8% of all re

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