The Cyprus Chamber of Commerce and Industry (Keve) on Tuesday called on Cypriot banks to reduce loan interest rates and associated charges, following recent developments in the financial sector.

Keve’s statement came in the wake of president Nikos Christodoulides’ meeting with senior bank executives on Monday, amid ongoing discussions about easing financial burdens for borrowers.

In this context, the chamber welcomed the parliament’s rejection of a proposed increase in the tax rate on banks, which it had also opposed, and used the occasion to underline its expectations of the banking sector.

“We anticipate that banks will take immediate action to reduce fees and loan interest rates,” the chamber stated.

The €170 million expansion plans for Larnaca and Paphos airports are now open for public consultation, with feedback invited until January 15, 2025.

Hermes Airports, the operator under a long-term concession agreement, said that it seeks to modernise facilities, address increasing passenger traffic, and bolster Cyprus’ standing as a key regional aviation hub.

The second phase of expansion of Larnaca International Airport, with a budget of €95 million, is expected to take 24 months.

Passenger capacity will rise to 12.5 million annually, a significant increase from over eight million in 2023 and more than double the five million recorded in 2007.

The project includes an extension of the terminal building to the east, where new space will accommodate departure passport control and security functions.

Swedish businessman and philanthropist Sievert Larsson has awarded scholarships totalling €20,000 to students at the Cyprus University of Technology (Tepak).

According to an announcement released on Tuesday, the scholarships, each worth €1,000, were presented to 20 undergraduate students.

The university said that the students excelled academically and were selected based on socio-economic criteria through the university’s student welfare association.

Limassol port manager DP World Limassol on Tuesday announced that it has secured a major vehicle transhipment deal, describing it as “a significant milestone” for the multipurpose terminal.

“This is the first agreement of its kind in nearly two decades, heralding new opportunities for local and regional markets,” the company said.

Under the agreement, approximately 10,000 vehicles from Asia and 7,000 from other countries will be transported and stored at Limassol’s terminal before being exported to neighbouring markets.

Invest Cyprus has launched a series of strategic meetings with regional and local authorities aimed at mapping and promoting investment projects that are open to foreign investors.

According to the announcement, this initiative seeks to enhance collaboration between local government and the organisation to position Cyprus as a prime destination for international investments.

The first meeting in this series was held on Friday, December 6, 2024, in the Famagusta region.

It was organised in collaboration with the Famagusta district local government organisation (Eoa) and attended by local authorities.

The agency explained that the meeting marked a significant step towards fostering regional cooperation to boost investment opportunities.

Cyprus’ financial sector is undergoing a significant transformation as digital banking technologies, fintech partnerships, and sustainability initiatives reshape operations and redefine customer experiences.

According to Stella Mourouzidou Damtsa, Manager Segments & Analytics at Bank of Cyprus PCL and Chartered Financial Analyst (CFA), this evolution positions Cypriot banks to meet future demands. 

Banks have long been at the forefront of financial innovation. Key milestones such as the introduction of credit cards in the 1950s and Barclays’ launch of the first ATM in 1967 marked the foundation of modern banking.   

However, the rise of fintech has accelerated the shift from physical infrastructure to seamless, paperless processes.  

“Traditional banks now face increasing pressure to match fintechs in agility and efficiency,” Mourouzidou said, emphasising the adapting to customer demands for faster, more flexible services. 

A new record high number of passengers passing through the Republic of Cyprus’ airports has been set this year, with it projected that more than 12 million people will have taken off or landed at Larnaca and Paphos by the end of the year.

The two airports’ holding company Hermes airports’ senior director Maria Kouroupi said on Tuesday that a total of 11.6 million people had passed through the two airports in the first 11 months of the year, with exactly 715,231 of them having done so in November.

This, she said, constitutes a seven per cent increase compared to November 2023.

“The levels of passenger traffic recorded in recent months is indicative of the consistently strong demand for air travel and the momentum Cyprus has. The very good results and the new record which is expected to be reached … confirm Hermes airports’ successful strategy,” she said.

The Cyprus Stock Exchange (CSE) ended Tuesday, December 17 with slight gains.

The general Cyprus Stock Market Index stood at 213.98 points at 12:02, representing a marginal increase of 0.08 per cent.

The FTSE / CySE 20 Index was at 130.14 points, also reflecting a rise of 0.08 per cent.

The total value of transactions amounted to €146,125.11 at the aforementioned time during trading.

In terms of the sub-indexes, the main index recorded a slight decline of 0.01 per cent, while the investment firms index fell by 0.57 per cent.

Conversely, the alternative index showed gains of 0.33 per cent, while the hotels Index remained unchanged.

The biggest investment interest was attracted by Alkis H. Hadjikyriacos (Frou-Frou Biscuits) (€8,250, -5.71 per cent), Salamis Tours (€54,600, no change), Hellenic Bank (€37,558, no change), Bank of Cyprus (€21,218, +0.66 per cent), and Demetra Holdings (€9,475, -0.57 per cent).