Cyprus’ Fiscal Council released its final 2024 report on Monday, delivering a comprehensive analysis of the nation’s economic trajectory.

While acknowledging the country’s robust growth and fiscal prudence, the report also sounded caution over emerging risks and structural vulnerabilities that could undermine long-term stability.

The council, chaired by Michalis Persianis, highlighted Cyprus’ continued resilience in maintaining fiscal surpluses and reducing public debt.

The report stressed that these achievements have been driven by a combination of diverse economic contributions, strategic fiscal policies, and favourable external conditions.

The Cypriot government and Hermes Airports signed a new agreement on Monday, extending the management of Larnaca and Paphos airports until 2033.

The deal resolves longstanding financial disputes and paves the way for significant airport expansion projects aimed at boosting Cyprus’ aviation sector.

“Following months of negotiation, the agreement outlines the commencement of Phase 2 construction projects at Larnaca and Paphos airports, along with the resolution of pending claims and issues that had remained unresolved for years,” the two parties said in a joint statement following the signing.

The announcement also said that construction work is set to begin at both airports by the end of the first quarter of 2025.

Cyprus’ apartment market contrasts sharply, with Limassol’s luxury prices reaching €5 million, while Nicosia offers affordable options starting at €50,000, according to real estate analytics firm Ask Wire.

Using data from the Department of Lands and Surveys (DLS), the report’s scope spans January 2019 to August 2024, covering more than five and a half years.

During this period, Nicosia recorded 13,415 apartment sales worth €2.1 billion, while Limassol saw 13,092 transactions with a total value of €5.1 billion.  

These figures reveal Limassol’s dominance in high-value luxury apartments, with nearly nine times the volume of Nicosia in this segment.  

Balram Chainrai has acquired 2.67 per cent of Agros Development Company ‘Proodos’ Public Ltd, the owner of the Rodon hotel in Agros, purchasing 95,974 shares at €3 each, according to an announcement on the Cyprus Stock Exchange.

Chainrai now plans a public offer to acquire up to 100 per cent of the company.

On December 10, he announced a voluntary public offer to acquire Agros’ full share capital at €3 per share, payable in cash.

The offer requires securing over 50 per cent of voting rights to succeed, with no provision for accepting lower percentages.

Invest Cyprus on Monday announced the signing of a memorandum of understanding (MoU) with the Cyprus Space Exploration Organisation (CSEO).

The agency, tasked with the purpose of driving foreign investment to Cyprus, said that the MoU represents “another significant step into the space age” for the island.

“This collaboration strengthens Cyprus’ position as an international hub for innovation, investment, and space technology and exploration,” the announcement siad.

“It marks yet another initiative by Invest Cyprus aimed at fostering an economic environment that promotes sustainable development and innovation,” it added.

The Cyprus Securities and Exchange Commission (CySEC) on Monday published a practical guide to help regulated entities meet their obligations in combating the financing of weapons of mass destruction.

The initiative aims to increase awareness among regulated entities and provide actionable measures to identify and address potential risks associated with proliferation financing.

“The practical guide provides common definitions and a general understanding, an overview of the domestic and international regulatory framework, together with international standards and obligations,” CySEC stated in its announcement.

Cyprus has pledged €7.16 million to the International Development Association (IDA) during a meeting held in Seoul, South Korea, on December 5, 2024.

The commitment is part of a broader fundraising initiative for the 21st replenishment of the organisation’s resources.

According to a statement, a representative of Cyprus announced the country’s contribution in an online intervention.

The pledge was approved by the Council of Ministers on December 4 following a proposal by Finance Minister Makis Keravnos.

The Cypriot market is well-stocked for the festive season, with no issues in product quality or compliance, Agriculture Minister Maria Panayiotou assured on Monday after inspecting supermarkets in Larnaca.

Slaughter volumes range between 30,000 and 40,000, consistent with historical levels.

Speaking after her visit to a supermarket, Panayiotou explained that her tour is part of the ministry’s customary inspections during the holiday season.

“This year, we are in Larnaca. Our aim is to monitor standardisation, adequacy, and compliance with the regulations and specifications we have set. We want the products reaching consumers to be of high quality,” she said.

The House on Monday voted by majority to limit cash transactions over €10,000 after the previous internation had been referred back to parliament by the president.

The amended law was voted in by 33 MPs from a 56-seat House. It was passed with 29 votes in favour, three against, and one abstention.

The law aims at adopting certain provisions of European Regulation (EU 2024/1624) on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing, according to which persons trading goods or providing services may receive or make payment in cash only up to the amount of €10,000 or the equivalent in national or foreign currency.

The Cyprus Stock Exchange (CSE) ended Monday, December 23, with losses.

The general Cyprus Stock Market Index stood at 211.79 points at 13:10, reflecting a drop of 0.44 per cent.

The FTSE / CySE 20 Index was at 128.83 points, representing a decrease of 0.39 per cent.

The total value of transactions came up to €375,759, until the aforementioned time during trading.

In terms of the sub-indexes, the main, alternative, investment firm and hotel indexes fell by 0.5 per cent, 0.34 per cent, 0.59 per cent, and 0.36 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (-0.44 per cent), Salamis Tours (no change), Hellenic Bank (+0.21 per cent), and Demetra Holdings (-0.59 per cent).