S&P Global Ratings has upgraded the long-term issuer credit rating of Bank of Cyprus Public Co. Ltd. (BoC) to ‘BBB-’ from ‘BB+’, reflecting improvements in the Cypriot banking sector’s funding stability.

“Cypriot banks have further reduced their dependence on less stable non-resident depositors and improved their loans-to-core-deposits ratio, increasing funding stability in Cyprus’ banking system,” the credit agency stated.

The outlook for both BoC and its holding company, Bank of Cyprus Holdings PLC, has been assessed as stable.

“We believe the economic environment in Cyprus will remain supportive and banks’ efforts to improve efficiency will partially offset the hit from falling interest rates,” the agency added.

Cyprus’ trade deficit for 2024 stood at €8.13 billion, improving from €8.47 billion in 2023, according to provisional data from the statistical service.

This came despite a sharp increase in total imports of goods in December, which rose 37.8 per cent to €1.31 billion, compared to €954.1 million in December 2023.

The surge in imports was largely attributed to the transfer of economic ownership of vessels and aircraft, which jumped to €372.5 million, a dramatic increase from just €4.8 million the previous year.

Vehicle registrations in Cyprus fell by 3.9 per cent in January 2025, reaching 4,077 compared to 4,243 in the same month last year, according to a report from the statistical service.

Passenger saloon car registrations declined by 7.4 per cent, totalling 3,176, down from 3,430 in January 2024.

Among these, 49.3 per cent were new cars, while 50.7 per cent were used.

Petrol-powered passenger cars accounted for 42.4 per cent of total registrations, down from 48.7 per cent a year earlier, while diesel vehicles dropped to 8.1 per cent from 10.3 per cent.

In contrast, electric vehicles increased to 5.6 per cent from 2.4 per cent, while hybrids rose to 43.9 per cent from 38.7 per cent.

The Central Bank of Cyprus (CBC) has issued a warning regarding the risks associated with investing in crypto-assets, stressing the need to safeguard financial stability and protect consumers.

In a statement, the CBC advised the public “to be cautious before investing in crypto-assets, given the risks that could lead to significant financial losses and fraud”.

The CBC also acknowledged the ongoing evolution of blockchain technology, noting its potential applications in payment systems and the development of central bank digital currencies (CBDCs).

However, it cautioned that “despite optimism about blockchain technology’s potential, the practical use of crypto-assets remains questionable”.

Logicom Public Limited has announced the completion of the sale of 13,729,704 shares, representing a 3.326 per cent stake in Hellenic Bank, held by its subsidiary Logicom Services, to Eurobank S.A.

From the sale of its shares in Hellenic Bank, Logicom secured a total sum of €66,492,956.47, as the agreement with Eurobank S.A. was set at a price of €4.843 per share.

Following its previous announcement on November 25, 2024, Logicom Public Limited confirmed that its subsidiary, Logicom Services Limited, has officially concluded the transaction with Eurobank S.A.

The deal involved the sale of 13,729,704 shares in Hellenic Bank, equivalent to 3.326 per cent of the bank’s share capital, for a total of €66,492,956.47 at a price of €4.843 per share.

The electricity authority (EAC) on Monday launched its long-anticipated installation of smart meters, spokeswoman Christina Papadopoulou announced.

Smart meters will enable the public to monitor their energy consumption habits and use, enable accurate and immediate billing, and efficient detection and repair of faults, Papadopoulou said.

Meter replacements are expected to require a brief shut-down of power to the property, lasting about 20 minutes, she said.

EAC crews will be working mainly on afternoons and weekends aiming to install 500,000 meters by 2028.

Deputy Minister of Research, Innovation and Digital Policy, Nikodemos Damianou, is participating in an international artificial intelligence (AI) summit on Monday, aimed at intensifying cooperation to ensure the technology’s safe application.

Cyprus is an active part of this international effort, the ministry said, and is focused on exploiting worldwide opportunities emerging from the AI sector and addressing its challenges.

Cyprus’ recently created special Committee on Artificial Intelligence (AI taskforce) was established towards this end to promote development, integration and more pervasive use of AI applications on the island, the ministry added.

Through increased use of AI, strengthening of the economy, safeguarding competitiveness, and improving citizens’ quality of life are envisioned, the deputy ministry said.

A yacht club with outdoor green spaces, footpaths, cycle lanes and pedestrian routes within the Larnaca marina area was discussed on Friday in the first meeting convened for the architectural competition for the club.

The ministry of transport confirmed the launch of the competition following decisions by the cabinet.

The contest will cover the design of the yacht club building as well as the outdoor spaces within the marina area.

Airport arrivals increased in Cyprus in January 2025 compared to last year.

“The Larnaca and Paphos airports welcomed 551,439 passengers during January 2025, recording an increase of 6.81 per cent compared to 2024,” the transport ministry announced.

Larnaca airport saw an increase of passenger arrivals of 12.7 per cent compared to 2024, while on the other hand Paphos airport recorded a decrease of -7.24 per cent from last January.

Meanwhile, January’s main country markets were the UK, Greece, Israel, Poland and Germany.

Air traffic increased by 10.32 per cent or to 5,346 flights, compared to last year.

Electricity prices are unlikely to drop over the next two years, given the absence of natural gas and the lack of storage for energy generated by renewables, the head of the state-run power utility said on Monday.

Giorgos Petrou, chairman of the Electricity Authority of Cyprus (EAC), made the comments at the House finance committee reviewing the organisation’s budget for fiscal year 2025.

Without the further penetration of renewables into the energy mix, or the creation of storage capacity, or the arrival of natural gas, prices to the end-consumer – households and businesses – would not fall.

Petrou appeared to be echoing similar remarks by the energy minister in late January.

The Cyprus Stock Exchange (CSE) ended Monday, February 10, with losses.

The general Cyprus Stock Market Index stood at 223.93 points at 12:20, reflecting a drop of 0.17 per cent.

The FTSE / CySE 20 Index was at 135.93 points, representing a decrease of 0.18 per cent.

The total value of transactions came up to €112,226, until the aforementioned time during trading.

In terms of the sub-indexes, the main index fell by 0.27 per cent while the alternative index rose by 0.15 per cent. The hotel and investment firm indexes remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (-1.2 per cent), Hellenic Bank (+0.42 per cent), Demetra (no change), the Cyprus Cement Company (no change), and Vassiliko Cement Works Public Company (no change).