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61. Parliament enacts law granting tax exemption on loan repayments

The House of Representatives has unanimously approved a law exempting individuals who sold real estate or transferred shares to repay Non-Servicing Loans from the 0.4% tax designated for the Central Equal Weight Sharing Agency...

62. Dr. Anastasatos forecasts bright future for Cyprus economy

Eurobank group's chief economist, Dr Tasos Anastasatos, expresses optimism about the Cyprus economy, emphasizing that the decision to expand the group's banking presence in Cyprus is linked to these positive economic prospects....

63. Government takes bold steps to speed up construction approvals

The Ministry of Interior in Cyprus is on a mission to simplify the development control system by implementing a comprehensive package of 22 measures in collaboration with the Cyprus Scientific and Technical Chamber (CSTC). ...

64. A government on fragile ground

In May 2022, Nikos Christodoulides announced his candidacy for the Presidency of the Republic, only to be overshadowed by the revelation of a partially plagiarized speech from Ioannis Kasoulides during the 2008 presidential election....

65. Cyprus grapples with lingering private debt woes

In Cyprus, the European Commission consistently highlights the significant economic challenge of private debt through regular post-program or post-memorandum reports....

66. Finance Ministry undergoes administration overhaul

67. Greece named Economist 'Country of the Year 2023'

The Economist magazine has declared Greece the country of the year for 2023, with Prime Minister Kyriakos Mitsotakis, in a post, referring to the "recognition of the efforts of the Greek people."...

68. Parliament approves measures for NPLs and foreclosures framework

Cyprus' Finance Ministry has expressed satisfaction with the parliament's approval of laws integral to the comprehensive package for managing Non-Performing Loans (NPLs) and the foreclosure framework....

69. Non-performing loans take a €95M dive

As of the end of September 2023, the total Non-Performing Loans (NPLs) in the banking system of Cyprus further decreased to €2.02 billion compared to €2.08 billion at the end of August. ...

70. Michael Kyprianou & Co LLC receives Cyprus Firm of the Year Legal Award at Who’s Who Legal Awards 2023

Michael Kyprianou & Co LLC has been awarded the Cyprus Firm of the Year Award by Who’s Who Legal (WWL). ...

71. Michael Kyprianou & Co scoops prestigious Cyprus firm of the year

Michael Kyprianou & Co LLC has been awarded the Cyprus Firm of the Year Award by Who’s Who Legal (WWL). ...

72. Police force faces renewed criticism after recent tragedies

The debate on the problems in the police force, which was a hot topic in the public sphere last week due to the two fatal attacks that occurred in a short span of time, was reignited on Wednesday, when all the relevant officials, led by the Minister of Justice and Public Order, Anna Koukkidi-Prokopiou and the Chief of Police, Stelios Papatheodorou, met in the Parliament's Institutions Committee....

73. 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. ...

74. Government to expand workforce in 2024

In the 2024 budget, authorities anticipate total general government revenue of €13.2 billion and expenditures of €11.8 billion, resulting in a fiscal surplus of €659 million, equal to 2.2% of GDP. ...

75. Justice Minister shuts down Chief of Police dismissal debate

Justice Minister Anna Koukkidi Prokopiou unequivocally stated that there is no room for dismissing Chief of Police Stelios Papatheodorou, reiterating the stance previously articulated by the President of the Republic. ...

76. 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, ...

77. 135% debt reduction sparks hope for economy

According to the latest data from the Central Bank of Cyprus, the private debt-to-GDP ratio has shown a significant decrease from its peak at the end of the first quarter in 2015 to the end of March 2023. ...

78. Major government reforms begin with secretariat's launch

The Secretariat for the coordination and support of government work which is included in the Governance Programme of the President of the Republic, under the pillar "Restructuring the State", starts work on Friday, an Presidency press release says....

79. Cyprus aims to shine with 'Cypriot Red Soil Potato' in European market

Ministry of Agriculture, Rural Development, and Environment, is making every possible effort to address new challenges while improving the competitiveness of the agricultural sector, said the Minister of Agriculture, Rural Development, and Environment, Petros Xenophontos....

80. 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....

81. Cyprus faces deceleration amid inflation and rising rates

Cyprus' economy experienced a slowdown in the second quarter of 2023, prompting inquiries about the situation. According to the preliminary estimate provided by the Statistical Service, ...

82. Record surge in loan renegotiations amidst rising interest rates

Loan renegotiation in the Cyprus banking system spiked to record levels in the first half of 2023, driven mainly by the repeated interest rate hikes by the European Central Bank (ECB) in its effort to tackle soaring inflation....

83. Corporate loans above €1 million surge

The net new loans (excluding restructurings) in Cyprus amounted to €1.73 billion in the first half of 2023, showing a slight annual increase of 1.26%. The continuous interest rate hikes by the European Central Bank significantly slowed down the granting of housing loans....

84. 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. ...

85. Banking on success: Greek and Cypriot banks show remarkable credit improvement

Fitch Ratings released a new report on Monday stating that the credit profiles of Greek and Cypriot banks have significantly improved over the past year due to de-risking and restructuring....

86. EY Cyprus announces five new partners

EY Cyprus is pleased to announce that its management team has been strengthened with the addition of five new partners and five new directors in 2023, reaching the total number of 31 partners of whom 6 are women, and 17 directors of whom 8 are women....

87. Loan demand in Cyprus falls, interest rates rise

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

88. MPs move forward with divestment changes

MPs are displaying a resolute determination to press ahead with crucial changes to the divestment framework before the parliamentary summer recess....

89. Total loans increase by €71 million, reaching €24.4 billion

Non-performing loans decreased by €105 million end of March 2023, compared to the end of December 2022, reaching €2.2 billion, according to data published by the Central Bank of Cyprus on Tuesday. ...

90. President's commitment to empower justice in Cyprus

The existence of an independent, strong, and efficient judicial system is the greatest guarantor of the rule of law and the supremacy of the Law, Cyprus President Nikos Christodoulides said on Thursday, while addressing an event at the Supreme Court on the occasion of the implementation of the justice reform laws and the swearing in of the judges of the newly established Court of Appeal....