The volume of new loans in Cyprus fell by 22.8 per cent in February 2025, reaching €246.1 million, compared to €318.7 million in January.

According to a report released this week by the Central Bank of Cyprus (CBC), this marks the second consecutive month of significant decline in new lending.

The CBC attributed the drop primarily to a substantial decrease in large business loans, while the mortgage loan market exhibited a slight improvement.

Total new loans, including renegotiations, amounted to €431.8 million, down from €544.4 million in the previous month.

The Paphos regional tourism board (Etap) announced on Thursday that it is boosting its promotional efforts in Poland as part of its 2025 action plan.

According to the announcement, the board will participate in a series of workshops and presentations in three major Polish cities—Kraków, Poznań, and Warsaw. These events will take place from April 7 to 11, 2025.

The board explained that this initiative is spearheaded by the Deputy Ministry of Tourism and “aims to share information with commercial partners and travel agents while promoting Paphos as a year-round destination“.

Moreover, the board explained that “the Polish market has become a top priority, with tourist arrivals from Poland increasing significantly in recent years, largely due to Ryanair’s flights to Paphos”.

AstroBank Public Company Limited on Thursday announced the appointment of Charis Kynigou as an executive bember of its board of directors, effective from March 31, 2025.

The bank noted that the appointment follows approval by the Central Bank of Cyprus (CBC).

According to the announcement, Kynigou has been with AstroBank since February 2015 and currently serves as the head of private banking, treasury and ESG division.

Cyprus MPs are set to vote today on a proposal to exempt casinos from a nationwide cash transaction limit of €10,000, passed by Parliament last December.

The exemption would apply until EU Regulation 2024/1624 comes into force across all member states in July 2027.

The bill, tabled by Nikolas Papadopoulos (Diko), Marinos Mousiouttas (Dipa), Disy MP Efthimios Diplaros, and independent MP Andreas Themistocleous, drew strong opposition from key institutions, who argue that such an exemption poses serious risks linked to money laundering and tax evasion, as mentioned in outlet Economy Today.

However, casino operators argue the concerns are misplaced, pointing to a strict supervisory and regulatory framework already in place.

Finance Minister Makis Keravnos has ruled out the prospect of raising the tax-free income threshold beyond €20,500, signalling a firm stance as the government moves ahead with its new tax reform.

As reported by Economy Today, Keravnos delivered a lecture on Cyprus’ new tax reform at the University of Cyprus, where he made clear that, despite various suggestions for further increases, the government would not entertain such proposals.

“If we increase tax-free income beyond the proposed amount of €20,500, the outcome will be uncertain,” he said, adding that “Cyprus already has the highest tax-free threshold in the EU.”

As it stands, around 60 per cent of employees in Cyprus are not subject to income tax. A further rise would mean that 75 per cent of workers would pay no tax at all.  

“I have not heard of a country where 75 per cent of employees are not taxed and this country continues to exist,” he said.

The Cyprus Securities and Exchange Commission (CySEC) marked this year’s Global Money Week by raising awareness about the risks, challenges, and evolving landscape of social media in investing.

The campaign aims to promote safer investment practices, particularly among young people and investors.

Global Money Week (GMW) is an annual international initiative led by the Organisation for Economic Co-operation and Development (OECD).

It focuses on improving financial literacy among young people, equipping them with the necessary knowledge, skills, and attitudes to make informed financial decisions and achieve long-term financial well-being.

This year’s campaign placed special emphasis on the risks associated with the digital financial environment.

The Cyprus Stock Exchange (CSE) recorded a decline on Thursday, with the general index standing at 234.69 points at 13:31, reflecting a decrease of 0.46 per cent.

The FTSE/CySE 20 Index also registered a loss, dropping by 0.49 per cent to 142.08 points.

Trading activity remained subdued, with the total value of transactions reaching €705,500.22.

Sector-wise, the main market declined by 0.73 per cent, investment companies by 1.49 per cent, and the hotel sector by 1.53 per cent, while the alternative market edged up by 0.44 per cent.

Bank of Cyprus was the most actively traded stock, with transactions amounting to €665,201.72, though its share price fell by 0.34 per cent.

Hellenic Bank followed, trading €24,719.51 and rising marginally by 0.21 per cent.

Demetra Investment saw a decline of 1.51 per cent on trades worth €10,823.97, while Constantinou Bros Hotels public company Ltd recorded a notable increase of 9.09 per cent, with a turnover of €1,471.00.

Louis PLC remained unchanged, with trades totalling €757.42.

Overall, three stocks moved upwards, five declined, and five remained unchanged, with the session concluding on just 83 trades.