Lending criteria for businesses and households in Cyprus remained unchanged during the third quarter of 2024, when compared to the previous quarter, according to the bank lending survey published by the Central Bank of Cyprus (CBC).

The survey data highlights changes in lending criteria and loan demand recorded in Cyprus during the third quarter of 2024 relative to the second quarter.

It also provides insights into expected trends for the fourth quarter of 2024.

The central bank explained that the survey results reflect the perceptions and expectations of the participating banks and do not represent the views or forecasts of the CBC itself.

The Bank of Cyprus on Wednesday announced the launch of a new rewards initiative for mortgage borrowers who have remained up-to-date with their repayment schedules.

The programme is part of the bank’s Pronomia scheme, aimed at supporting customers who have been affected by previous increases in interest rates set by the European Central Bank (ECB) and the Euribor.

According to a statement released by the bank, this marks the second time it has taken steps to support its borrowers in response to rising interest rates.

A total of 13,000 eligible customers will benefit from the scheme, with rewards amounting to €2 million in points and cash incentives.

The Cyprus Property Developers Association has called on banks to revise their lending policies, stressing the need for alignment with European standards.

The issue was raised during a meeting earlier this week with the governor of the Central Bank of Cyprus (CBC) Christodoulos Patsalides.

According to an official statement, the discussions centred on delays in the disbursement of housing and construction loans, particularly when building permits are pending.

Eurobank Cyprus has renewed its cooperation agreement with Cyprus Seeds, a non-profit organisation focused on the commercialisation of innovative academic research.

This is the sixth consecutive year of Eurobank supporting the organisation, something which the bank said “confirms its commitment to promoting innovation and entrepreneurship”.

According to the announcement, this partnership aims to bolster the startup ecosystem and ensure its successful integration with the entrepreneurial community.

New business and household loans in Cyprus reached a record high of €3.9 billion in 2024, up from €3.3 billion in 2023, according to the Central Bank of Cyprus (CBC).

This total represents the highest level since the central bank began recording data in 2014.

According to the CBC, the surge was driven primarily by increased borrowing from businesses, marking the largest annual growth in this segment since 2017.

Meanwhile, household loans recorded their most significant annual increase in the past three years.

Notably, the €3.9 billion total reflects an 18 per cent increase from the previous year, the highest annual rise since 2021.

Energy Minister George Papanastasiou is at the forefront of government initiatives designed to strengthen support for small and medium-sized enterprises (SMEs).

These initiatives primarily focus on enhancing their access to finance, as well as the streamlining of procedures through the better use of technology.

Currently, the Ministries of Finance and Energy are collaboratively advancing procedures to develop effective financing solutions for SMEs.

As part of these efforts, the Ministry of Finance is set to establish and operate the National Promotion Agency.

This strategic development is scheduled for launch by the third quarter of 2025, with financial support for businesses and self-employed individuals expected to commence in 2026, subject to parliamentary approval.

Household deposit and lending rates in Cyprus continued to rise in December, according to a report released this week by the Central Bank of Cyprus (CBC).

The interest rate for household fixed-term deposits of up to one year increased to 1.78 per cent, up from 1.70 per cent in the previous month.

Meanwhile, the corresponding rate for non-financial corporations decreased to 1.74 per cent, down from 1.99 per cent in November.

Consumer loan rates also saw an increase, rising to 7.20 per cent from 6.99 per cent in the prior month. Similarly, mortgage loan rates climbed to 4.75 per cent, up from 4.50 per cent in November.

The CBC noted that the mortgage loan portfolio consists of various types of loans, such as first home and holiday home mortgages, each carrying different levels of risk and interest rates.

The European Community Shipowners’ Associations (ECSA) have endorsed the European Commission’s new Competitiveness Compass, viewing it as a fundamental initiative for enhancing competitiveness and fostering open trade.

The EU’s Competitiveness Compass, launched in January 2025, addresses productivity concerns and aims to maintain Europe’s leadership in sustainable innovation and climate neutrality.

Built on innovation, decarbonisation, and security pillars, it focuses on regulatory simplification, single market benefits, investment, skills, and policy coordination.

The ECSA has noted that the compass is particularly significant for the shipping industry, which facilitates around 76 per cent of the EU’s international trade and plays a critical role in securing Europe’s energy, food, and supply chain security.

Cyprus betting revenues rose 13 per cent year-on-year during the third quarter of 2024, according to the National Betting Authority.

The authority on Wednesday reported that total betting revenues from Class A (retail betting in physical shops) and Class B (online betting) operators reached €292.01 million, marking a 13 per cent rise from the previous year.

Compared to the second quarter of 2024, which recorded revenues of €287.89 million, the latest figures reflect a modest increase of 2 per cent.

Out of the total revenues, €77.36 million came from Class A operators, while Class B operators contributed €214.65 million.

Cyprus lost 167,000 megawatt hours of renewable energy in 2024 due to a lack of storage facilities, outraged MPs were told on Tuesday, as households continue to face soaring electricity bills.

MPs on the House energy committee expressed disappointment over the wasted power, which could have been used during peak demand. They also criticised the government for failing to develop a strategy to store and distribute energy.

During a heated committee session, lawmakers also called for a digital system to track applications for photovoltaic (PV) installations.

The Cyprus Stock Exchange (CSE) ended Wednesday, February 5, with losses.

The general Cyprus Stock Market Index stood at 223.90 points at 13:08, reflecting a drop of 0.3 per cent.

The FTSE / CySE 20 Index was at 135.90 points, representing a decrease of 0.35 per cent.

The total value of transactions came up to €328,017, until the aforementioned time during trading.

In terms of the sub-indexes, the main, hotel and investment firm indexes fell by 0.55 per cent, 0.21 per cent and 1.79 per cent respectively. The alternative index rose by 0.49 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (+0.4 per cent), Demetra (-1.82 per cent), Hellenic Bank (+0.21 per cent), Logicom (no change), and Pandora (+4.17 per cent).