Cypriot banks, such as the Bank of Cyprus and Hellenic Bank, are making significant strides towards meeting their MREL goals, ensuring financial stability and resilience. The Single Resolution Board Chief commended their progress, highlighting the importance of these targets in enhancing the banking sector’s capacity to absorb losses and navigate challenges.
The Central Bank of Cyprus has issued a revised directive outlining new criteria for registration in the bounced cheque registry, requiring individuals or entities who issue three or more bounced cheques within a year or exceed €2,000 in total value to be registered, even if the cheques are settled later. The aim of these changes is to enhance clarity and efficiency within the bounced cheque registry, reflecting the CBC’s commitment to maintaining a reliable and transparent financial system in Cyprus.
In January 2024, Cyprus experienced a significant 47 percent surge in new loans compared to the previous year, mainly driven by a 379 percent spike in large corporate borrowing, showcasing a strong economic growth and business confidence in the country. While housing loans saw a slight decline, consumer loans surged by 65 percent, indicating a mixed picture of corporate confidence and consumer caution in the financial landscape of Cyprus.
Individuals carrying over €10,000 in cash must declare it to customs officials when entering or leaving the Republic to combat money laundering. Failure to do so can result in serious legal consequences.
Cypriot youth facing economic challenges are selling assets, growing their own food, and embracing sustainability to cope with rising costs and limited opportunities. Despite a high youth unemployment rate and escalating expenses, young residents like Pascale Farah and Harry Demetriou are finding innovative ways to make ends meet and thrive.
Alternative financing options for SMEs and startups in Cyprus, including stock exchange listing, are being highlighted by the Cyprus Chamber of Commerce and Industry on March 13, 2024, to aid in capital raising. Additionally, the National Betting Authority’s recent financial insights revealed that the Limassol casino has generated €421 million in revenue for the government.
The finance minister of Cyprus praised the country for its stellar compliance with international sanctions, especially in upholding recent measures against Russia. Cyprus is consolidating its sanction enforcement units to enhance efficiency, ensuring exemptions to lessen the impact on citizens while aligning with global security efforts.
The Central Bank of Cyprus has launched a Legal Cost Reduction Program to assist individuals involved in litigation concerning Bank of Cyprus and Laiki Bank restructuring. Eligible cases include lawsuits against CBC for withdrawal, withdrawn cases with pending legal fees, and adjudicated cases with CBC as the prevailing party, with applications accepted until December 31, 2024.
The auditorgeneral plans to report the Cyprus Broadcasting Corporation (CyBC) for alleged abuse of power, with claims of improper salary upgrades, indiscriminate pay scale adjustments, and irregular staffing changes potentially increasing payroll costs by 33% from 2021 to 2026. The organization’s financial discrepancies and breach of trade union agreements have brought its fiscal conduct under scrutiny, raising concerns about the misuse of power and resources within CyBC.
The Invest Cyprus annual general meeting, held in Nicosia, aims to unveil the strategic roadmap for sustainable investment and economic development, reinforcing Cyprus’ position as a prime location for business and innovation. Notable figures, including the Deputy Minister to the President and the Minister of Finance, will be in attendance, and the CEO of Invest Cyprus will present on investable projects and key criteria for investment in Cyprus.
