Credit rating agency Moody’s on Tuesday upgraded the long-term deposit ratings of the Bank of Cyprus to A3 from Baa1, reflecting continued strengthening of the bank’s financial position.

In addition, the agency kept the bank’s outlook on deposit ratings as stable.

According to the agency’s latest report, the Bank of Cyprus now holds the highest deposit rating among all banks in Cyprus and Greece.

This distinction, the bank said, sends “a strong message about the bank’s reliability and stability”.

The upgrade follows what Moody’s described as “continued improvements in the bank’s asset quality and risk profile,” as well as expectations of sustained profitability and strong capital metrics.

Moreover, Moody’s highlighted the bank’s strengthened solvency metrics as a key driver for the upgrade.

The Cyprus Real Estate Agents Registration Council recorded 125 convictions for illegal real estate brokerage in 2024, according to an announcement released on Tuesday.

The number of convictions, the council explained, “reinforces its stance that tackling unlicensed activity remains a top priority“.

Throughout the year, the council handled hundreds of complaints, submitted by licensed estate agents, members of the public, and its own team of inspectors, across all districts of the Republic of Cyprus.

“Following investigation and legal proceedings, a significant number of individuals and legal entities were brought to justice“, the council said.

This is a development which the council says “highlights the scale of a problem that continues to plague the Cypriot property market“.

Cyprus recorded over 1.15 million passengers at its two airports in April 2025, crossing the one million threshold for the first time in a single month, the Transport Ministry said on Tuesday.

Traffic at Larnaca and Paphos airports rose by 20.66 per cent compared to the same month last year.

Additionally, total passenger numbers for the January–April period climbed by 11.83 per cent year-on-year, according to the ministry.

“The results of April 2025, during which for the first time the number of passengers transported through Larnaca and Paphos airports exceeded one million,” the ministry said, “reflect the coordinated efforts of the ministry of transport, Hermes Airports, the Deputy Ministry of Tourism, as well as all stakeholders in the tourism industry.”

“These results confirm that the strategy for extending the tourist season is paying off, with tangible results and benefits already in the current year,” the ministry added.

Deposit interest rates in Cyprus declined in March 2025 for both households and businesses, reflecting a softening trend in returns on short-term savings, according to the Central Bank of Cyprus (CBC).

At the same time, new lending surged across all major categories, with total new loans more than doubling to €964.2 million compared to the previous month.

In a separate publication, the CBC provided updated data on non-performing loans for the banking sector as of February 28, 2025.

The ratio of NPLs fell marginally to 6.2 per cent from 6.3 per cent at the end of January.

According to the Central Bank, this improvement was driven by repayments, positive credit migrations into performing categories, write-offs, and currency fluctuations.

The coverage ratio of NPLs with provisions also improved, reaching 58.9 per cent in February, compared with 58.3 per cent the month before.

The Industrial Turnover Index in Cyprus continued its upward trend in February 2025, reflecting positive momentum across several key sectors of the economy.

According to data released, the index reached 130.4 units, based on 2021 as the reference year, set at 100 points.

This figure represents a 4.3 per cent increase compared to February 2024.

For the cumulative period of January to February 2025, the index recorded an overall rise of 5.6 per cent compared to the corresponding period of the previous year.

In the manufacturing sector, the Industrial Turnover Index stood at 132.6 units for February 2025.

Residential properties in Cyprus sold under foreclosure in the final quarter of 2024 lost significant value, with six primary residences auctioned off at an average discount of 26.7 per cent from their market worth, according to data from the Central Bank of Cyprus (CBC).

These sales took place through two rounds of auctions conducted between October and December 2024.

The total market value of the six homes reached €1.2 million, yet the combined selling price amounted to only €878,000.

In the first auction round, four homes with a collective market value of €381,000 were sold for €357,000.

The average sale price per home in that group stood at €90,000. Two additional homes, auctioned in the second round, had a combined market value of €805,000 but were sold for €521,000, averaging €260,000 per unit.

This decline continues a trend observed in the previous quarter, when five primary residences were sold through foreclosure for €862,000, down from a combined market value of €1.2 million.

Commissioner for Gender Equality Josie Christodoulou said this week that substantial equality between men and women in all areas of work is not only fair, but also necessary.

During a workshop on labour issues organised by the Institute of Certified Public Accountants of Cyprus (Selk) in collaboration with the Ministry of Labour, only through full and effective participation of women in the workforce, she noted, can Cyprus strengthen social cohesion and accelerate development.

According to her, creating a fair and equal working environment is a shared responsibility, of the government, private sector, and every individual.

One that respects, recognises and makes use of each person’s value, ability and ambition.

In her opening remarks, Christodoulou referred to studies showing that companies perform better when women are involved in decision-making.

Equality in leadership, she said, drives efficiency, innovation and competitiveness, while also boosting financial results.

The number of unemployed persons registered at district labour offices across Cyprus stood at 8,118 at the end of April 2025, according to the latest data released by the Cyprus Statistical Service (Cystat).

Based on seasonally adjusted figures, which account for regular fluctuations over the course of a year, the number of registered unemployed decreased to 9,655 in April 2025 from 10,035 in the previous month.

This marks a month-on-month reduction of 380 people in seasonally adjusted terms.

Compared to the same month last year, the number of unemployed fell by 1,225 persons, marking a year-on-year decrease of 13.1 per cent.

This annual decrease has been primarily attributed to reductions in unemployment within the sectors of financial and insurance activities, construction, trade, accommodation and food service activities.