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91. ECB maintains interest rates amid tightening impact

The European Central Bank (ECB) has opted to maintain interest rates unchanged for the first time in over a year, marking a shift following 10 consecutive rate hikes. ...

92. Tightened lending criteria and reduced loan demand in Q2 2023

During the second quarter of 2023, lending criteria for both businesses and households in Cyprus remained stringent, with banks exercising caution....

93. Suspense builds as foreclosure deadline nears, and creditors seek solutions

Cyprus is nearing the end of the suspension of divestments of primary residences worth up to 350 thousand euros, but a solution remains elusive regarding open funds tied to the divestment framework. ...

94. How blockchain technology is reshaping financing

In this age of technology, digital transformation, and the omnipresence of the internet, alternative digital financing is emerging as an innovative and effective solution for both businesses and individuals in need of financial support....

95. Vassos Eliades at the Cyprus Cocktail Festival 2023

We are pleased to announce the participation of Vassos Eliades in the 4th Cyprus Cocktail Festival, a signature event of the Digital Agenda Cyprus Summit. ...

96. Consulco’s London Credit Fund; Existing & New Investment Opportunities

97. Borrowers in a high-stakes game of loan roulette

In 2023, borrowers face a pivotal year, primarily due to the soaring levels of inflation, rising prices, and increasing interest rates. This year also carries significant importance for banks, not in terms of profits, ...

98. Libya: Tragic road accident claims lives of Greek rescue mission

The death in the horrific road accident on Sunday afternoon in Benghazi of five Greeks who were part of an armed forces mission to Libya to assist flood-affected residents of Derna raises legitimate concerns about the planning and execution of such a complex mission in the midst of chaos, in a country that is, in any case, unsafe due to years of civil war....

99. Recovery and Resilience measures target non-performing loans

In a move to address Non-Performing Loans (NPLs) and maximize European funds, Minister of Finance, Makis Keravnos, announced the approval of an action plan under the Recovery and Resilience Plan. ...

100. Potential bank tax discussed amidst rate dissatisfaction

Leaving the door open for potential action, the Finance Ministry is considering an additional tax on banks due to dissatisfaction with their current approach to deposit and lending rates....

101. China's $10 trillion hidden debt

For some time now, markets have been buffeted almost on a daily basis by gloomy economic news filtering out of China....

102. Desperate battle against unyielding fires rages on

Greece is grappling with an ongoing state of fire as blazes continue to ravage several regions....

103. BOC reports €220 million profit for first half of 2023

Bank of Cyprus Group has reported a robust profit after tax of €220 million for the first half of 2023, a significant leap from the €43 million recorded in the same period of 2022. Notably, €125 million of these profits were achieved in the second quarter of 2023....

104. Italy surprises banks with 40% windfall tax

Italy's rightwing coalition sent shockwaves through the financial markets as it announced an unforeseen 40% tax on bank profits derived from higher interest rates. ...

105. NPL crisis highlights tug of war between borrowers and legislation

The concealment, or "camouflage," of non-performing loans (NPLs) in commercial banks before 2013 and their subsequent explosion have been, and may continue to be, the most significant challenge for the Cypriot economy. ...

106. Loan demand in Cyprus falls, interest rates rise

The Cypriot banking institutions are holding a small basket for demand in new loans....

107. Hellenic Bank rakes in €69.7 million in profits during Q1 of 2023

Hellenic Bank has reported a profit of €69.7 million for the first quarter of 2023, signaling a strong start to the year. ...

108. ECB raises interest rate to 3.20% in ongoing tightening campaign

The European Central Bank (ECB) has announced its decision to raise the interest rate to 3.20%, marking another step in its ongoing monetary policy tightening campaign. ...

109. Declining new loans in Cyprus signals economic shifts

In April 2023, Cyprus experienced a notable decline in new lending, as reported by the Central Bank of Cyprus. ...

110. April records a decrease in loan volumes

The Central Bank of Cyprus announced in a press release on Tuesday that total new loans decreased to €473.9 million in April 2023, compared to €922.5 million in the previous month....

111. New plan to safeguard vulnerable groups' homes nears approval

The Director of the Press Office of the President of the Republic, Victor Papadopoulos, announced that a new plan to safeguard the first homes of vulnerable groups in Cyprus is on the horizon. ...

112. Real estate: A closer look at prices and rental trends

With the chapter on imposing a reduced VAT rate of 5% on primary residences as a social policy measure finally moving towards resolution, an unresolved issue that has been lingering in the real estate market for years is being addressed....

113. Cheers to the 14th Cyprus wine competition - A toast to wine lovers everywhere!

Get ready to raise your glasses as the 14th Cyprus Wine Competition, a testament to the nation's devotion to the wine sector, is just around the corner! From May 22 to May 26, 2023, Cyprus will host a vibrant extravaganza dedicated to the art of winemaking, attracting wine aficionados from far and wide....

114. BOC: First quarter of 2023 yields €95 million in profit

Bank of Cyprus has released its financial report for Q1 2023, showcasing robust performance and positive indicators across various key metrics....

115. Why do young people in Cyprus struggle to secure a home loan?

Young people are facing difficulties in securing mortgage loans due to a number of factors, according to economist Tasos Yasemidis....

116. Q1 2023 sales reach €1.7 billion despite challenges

During the first quarter of 2023, the total value of properties sold was €1.7 billion. Despite facing numerous challenges that are starting to impact the real estate market, it has shown resilience...

117. Expanding Profitability and Strengthening Capital Position

Group Financial Results for the year ended December 31, 2022...

118. Banks announce measures on interest rates

Since July 2022, lending rates in Cyprus have risen by 3.5%, putting borrowers in a difficult position with dangerously increasing loan repayments....

119. Finance Minister requests containment of lending rates for housing loans

The Finance Minister of Cyprus, Makis Keravnos, has written letters to the Director General of the Cyprus Banks Association and the Director General of the Association of Credit Acquisition Companies and Credit Facility Managers, requesting measures to control rising lending rates for serviceable loans up to €350,000....

120. Three major concerns of ECB regarding Cypriot banks

Although Cypriot banks have made great progress over the last decade, foreign supervisors have reservations and summarise their concerns in three areas....