economic impact Archives - New Cyprus Magazine

A Stellar Year for Cypriot Banks: Return on Equity Hits New Highs in 2023

The return on equity (ROE) for Cypriot banks skyrocketed to 24.6% in 2023, a massive leap from the previous year’s 4.8%, showcasing exceptional financial success and strategic management. This remarkable increase in profitability reflects a strong economic environment and the banks’ effective financial initiatives, solidifying their resilience and efficiency for sustained growth and competitiveness in the financial sector.

Reflecting on Cyprus’ 20 Years in the EU

By Demis Papadopoulos

Reflecting on Cyprus’ 20 years in the EU reveals economic recovery and political alignment, with challenges like the 2013 crisis and the unresolved Cyprus dispute. The country’s journey showcases the benefits of EU membership, despite initial hurdles, paving the way for stability and cooperation in the region.

central bank of cyprus interest rate adjustment

Understanding the Central Bank of Cyprus’s Reference Interest Rate Adjustment

By Demis Papadopoulos

In summary, the Central Bank of Cyprus’s adjustment of the reference interest rate to 11.42% is a critical move to control borrowing costs, influence loans, and maintain price stability. It plays a vital role in regulating the Cypriot economy and ensuring fair lending practices, preventing usury in the financial sector.

Larnaca Marina and Port Development Set for Launch

By Demis Papadopoulos

The Larnaca marina and port development project is set to kick off in June, promising to revamp the coastal town and boost tourism and economic growth. With a commitment from developer Kition Ocean Holdings, this transformative infrastructure initiative aims to redefine Larnaca’s maritime identity and create new job opportunities.

Doubts Raised Over Development of Larnaca Port

By Demis Papadopoulos

Doubts have been raised over the development of Larnaca Port amidst concerns of delays and uncertainty surrounding Kition Ocean Holdings. Despite promises, construction has yet to begin, with the original start date of April 2023 now pushed to a tentative June 2024, prompting calls for transparency and urgency from local officials and stakeholders.

Smuggling Crackdown: Kyrenia Supermarkets Raided

By Demis Papadopoulos

In a recent crackdown on smuggling activities, authorities in Kyrenia seized nearly two metric tonnes of beef and 67.1 kilograms of lamb in supermarkets. Three individuals were arrested, highlighting the economic strain on local vendors due to price disparities and prompting increased border inspections and policy changes.

Economic Impact of Fires in the Recent Year

By Demis Papadopoulos

The economic impact of fires in the recent year amounted to €9.5 million, with urban fires costing €8.4 million. Human activities were responsible for 90% of all fires, emphasizing the urgent need for enhanced fire safety education and prevention measures.