Here are the top business stories in Cyprus from the week starting November 18:

Hellenic Bank on Monday announced a reduction of its key interest rate by 21 basis points, effective from November 14, 2024.

This move is expected to positively impact more than 90,000 borrowers across the island, the bank said.

The bank’s announcement confirmed that the base interest rate has been reduced from 2.12 per cent to 1.91 per cent.

“This development contributes directly to better management of borrowing costs for households and businesses, and consequently to the stimulation of economic growth,” the bank said in its announcement.


Tourist arrivals in Cyprus reached 3.73 million visitors in the first ten months of 2024, reflecting a 4.6 per cent increase compared to the same period in 2023.

This also represents a modest 0.81 per cent rise compared to the record-breaking year of 2019, according to a report released on Monday by the Cyprus Statistical Service (Cystat).

October 2024 alone recorded 459,106 arrivals, setting an all-time high for this month.

This was the second record-breaking month of the year, following a slight increase in August compared to the same month in 2019.


The Association of Large Investment Projects on Monday called for the creation of “integrated tourism projects” in Cyprus as a new category of construction, with the aim of expanding the range of tourist accommodation provided.

Such an expansion would “upgrade the experience of both domestic and international visitors” to the island’s tourism hotspots, and as such called for the term “integrated tourism projects” to be defined with specific criteria.

These criteria, it said, should include that any such project be a “high-level development” both functionally and aesthetically, and that it be self-contained and part of a unified plan.


The Bank of Cyprus on Tuesday announced that it has repurchased 50,000 of its ordinary shares with a nominal value of €0.10 each.

The transactions were executed on November 18 on the Cyprus Stock Exchange (CSE) and the Main Market of the Athens Stock Exchange (ATHEX) through the company’s broker, the Cyprus Investment and Securities Corporation Limited (CISCO).

Separately, Vanguard Wellington Fund announced that it now holds a 4.75 per cent stake in the Bank of Cyprus.


The number of investment funds in Cyprus increased in September 2024 compared to June of the same year, despite a slight decline in their total assets, which amounted to €6.79 billion, according to the Central Bank of Cyprus (CBC).

The CBC reported that the total number of investment funds rose from 330 in June 2024 to 334 in September 2024.

However, their total assets decreased by 0.8 per cent, from €6.84 billion in June to €6.79 billion in September.


The Bank of Cyprus on Wednesday announced the complete disposal of the remaining shares held by Cyprus Popular Bank (Laiki) Public Co Ltd, which has been in liquidation.

Following the sale, the now-defunct Laiki bank no longer retains any ownership in the Bank of Cyprus.

According to the regulatory notification, the final tranche of 5,900,000 shares—representing 1.335 per cent of voting rights in the Bank of Cyprus—was sold on November 18, 2024.


The Cypriot insurance sector recorded a notable increase in premiums during 2023, surpassing €1 billion in turnover for another consecutive year, it emerged this week.

Specifically, total premiums for 2023 reached €1.204 billion, marking a 14.3 per cent rise from €1.053 billion in 2022, according to data presented at the 46th annual general meeting of the Insurance Association of Cyprus (IAC).

Speaking at the event, IAC chairperson Evangelos Anastasiades highlighted the sector’s resilience, adaptability, and commitment to innovation during challenging economic and social conditions.


Central Bank of Cyprus (CBC) govennor Christodoulos Patsalides on Thursday addressed the Economist annual summit, highlighting the European banking sector’s resilience, while also addressing the challenges and risks facing the region’s economy.

Patsalides opened by saying that the European Central Bank (ECB) had made significant progress in its disinflationary efforts, with inflation falling to 2.0 per cent in October.

“The Governing Council of the ECB, at its meeting in October, advanced its policy easing as our assessment of the latest data confirmed significant progress in the disinflationary process,” he said.

He pointed out that the future pace of interest rate cuts will depend on continued data assessments.


Shipping Deputy Minister Marina Hadjimanolis has officially announced the candidacy of the Republic of Cyprus for re-election to the Council of the International Maritime Organisation (IMO).

The Shipping Deputy Ministry officially announced its candidacy for the 2026-2027 term during an event held on Wednesday evening at the International Maritime Organisation (IMO) headquarters in London.

It should be noted that Cyprus has been a member of the organisation since 1973, and has been elected to the IMO council since 1987.

In an announcement released on Thursday, the ministry said that through its participation, Cyprus has “contributed significantly to the decisions of the organisation”.


Apartment prices and rents in Cyprus defied broader market declines during the third quarter of 2024, reflecting strong demand, according to a report from real estate analytics firm Ask Wire.

At the same time, the report showed that other property types struggled under the weight of high interest rates and shifting buyer preferences.

The report is based on the firm’s internal index. The index offers a detailed view of property sale and rental values across all districts and property types, drawing from data dating back to 2009.

According to the firm, apartments in Cyprus demonstrated resilience with a 1.2 per cent year-on-year increase in sale prices, bolstered by robust demand.


The Cyprus government on Monday, November 25, will offer new 13-week Treasury Bills (T-bills), set to mature on 28 February 2025.

The annualised yield for the new issuance is expected to range between 2.95 per cent and 3.05 per cent.

The move comes as Treasury Bills continue to capture the interest of both retail investors and businesses.

In the most recent T-bill auction, the Cyprus government successfully raised €25 million, with total bids submitted reaching €93 million, indicating strong demand.


The Research and Innovation Foundation (RIF) lead a delegation of over 40 participants from Cyprus, including 18 startups and scaleups, at Slush 2024, according to an official announcement released on Thursday.

Slush is a startup and tech event held annually in Helsinki, Finland. This year’s event took place on November 20-21.

Slush facilitates meetings between the founders of startups and investors such as venture capitalists, accomplished with events such as matchmaking and pitching competitions.

“Slush brings together entrepreneurs and investors from around the world, offering a unique platform to connect and showcase innovative ideas,” the foundation said in its statement.


Energy Minister George Papanastasiou on Friday expressed his hope that American multinational oil and gas corporation ExxonMobil’s decision to begin drilling for natural gas in block 5 of Cyprus’ Exclusive Economic Zone (EEZ) will “open new horizons”.

Speaking after a meeting attended by ExxonMobil vice president for global exploration John Ardill, President Nikos Christodoulides, and himself, he said that the corporation’s decision to drill in block 5, which contains a potential natural gas reservoir named ‘Electra’, constitutes a “milestone”.

“Depending on the findings … the company will decide how to commercialise this particular deposit, and we hope that the deposit will be something which will open horizons different from the usual ones,” he said.


The hoteliers’ association (Pasyxe) on Friday rejected the labour minister’s mediation proposal as they could not agree on it.

Labour Minister Yiannis Panayiotou’s proposal did not satisfy some members of the association, Pasyxe Director Philokypros Roussounides told the Cyprus News Agency (CNA) on Friday.

A day earlier Panayiotou had said that “agreement in principle for renewal of the hotel industry’s collective agreement was signed by the heads of the employers’ associations and trade unions and was expected to be ratified internally by each side.”

Completion of the process and the signing of the renewed collective agreement would ensure labour peace in the hotel industry until the end of 2027, the minister said.


Cyprus-based Anymaster, a service marketplace that connects clients with local service providers, has successfully raised €350,000 in funding, allowing it to expand to Athens, Greece.

The Cypriot startup allows customers to find a number of different professionals such as plumbers, electricians, or other skilled workers.

“We are thrilled to bring Anymaster to Athens and expand our footprint in the Greek market,” said Diana Verkhoturova, founder of Anymaster.

“Our platform will deliver significant benefits for both clients and service professionals,” she added.


The Central Bank of Cyprus (CBC) on Friday reported that 94 per cent of loans held by credit acquisition companies were categorised as non-performing (NPLs) as of June 30, 2024.

The report indicates a total loan balance of €20.98 billion, distributed almost equally between individuals (€10.64 billion) and businesses (€10.34 billion).

Of these, non-performing loans amounted to €19.66 billion, leaving just €1.31 billion classified as performing loans.