The Central Bank of Cyprus (CBC) on Tuesday forecast steady growth for the Cypriot economy in 2025.

According to its September 2025 macroeconomic projections, gross domestic product (GDP) is expected to rise by 3.3 per cent, unemployment to fall to 4.6 per cent, and inflation to drop to 1 per cent.

Compared with its June 2025 forecasts, the CBC slightly revised its GDP growth estimate upwards by 0.2 percentage points for 2025, citing a stronger-than-expected performance in tourism.

For the period 2026 to 2027, the central bank said it does not expect changes to its earlier projections.

The CBC also revised its unemployment projections slightly downwards by 0.2 percentage points for 2025 and by 0.1 percentage points for 2026 compared with its June forecasts.

In addition, inflation was revised down by 0.4 percentage points for 2025 and by 0.2 percentage points for 2027.

Civil servants who declare they are working from home but are found in coffeeshops or other locations will face disciplinary action under a bill extending remote work in the public sector, parliament’s finance committee heard on Tuesday.

A representative of the department of public administration and personnel  explained that staff will only be allowed to telework from their residence and must declare their workplace in writing.  

At the same time, the committee turned its attention to cybersecurity, with the Deputy Ministry of Research and Innovation stressing that there can be no absolute guarantee of safety.  

Nevertheless, it said protection levels will be broadly similar to those in offices, since all required software will be installed on employees’ computers. 

In addition, the labour inspection department noted that it had agreed with the department of public administration and personnel on minimum criteria for teleworking spaces to ensure safety and avoid accidents.  

The Consumer Protection Service on Tuesday announced that it has imposed substantial administrative fines on the Bank of Cyprus and Eurobank (Cyprus) for including unfair terms in their mortgage loan agreements.

The regulator said that the Bank of Cyprus will pay €800,000 while Eurobank, formerly known as Hellenic Bank, will pay €600,000.

In its announcement, the Consumer Protection Service explained that its review considered the evidence, the banks’ positions, and their willingness to comply with the law.

It concluded that several clauses in the Bank of Cyprus’ standard mortgage contracts, including those on interest rate changes, set-off rights, notices to consumers, and property revaluation, were unfair.

“These terms were included in contracts from June 2021 and applied to a large number of mortgages, particularly affecting clients aged 20 to 45,” the service said.

Finance education stands out for combining theory, practice, behavioural insights, and global financial systems, according to Constantinos Kourouyiannis, president of CFA Society Cyprus.

In a piece of analysis released on Tuesday, he explained that this has been well recognised by local universities, which “have developed strong partnerships with the professional world, including the CFA Institute, CFA Society Cyprus and numerous high-calibre investment professionals.”

He said the benefits for students are significant, since they gain “a high level of academic preparation, practical experience, and exposure to essential ethical and professional standards.” According to him, this happens “all before completing their studies.” 

On the CFA University Affiliation Programme, Kourouyiannis said it “is a strategic initiative of the CFA Institute that recognises and supports academic institutions whose degree programmes embed a significant portion of the CFA Programme Candidate Body of Knowledge.”  

The liquefied natural gas terminal at Vasiliko will be completed, Energy Minister George Papanastasiou promised on Tuesday.

Addressing the House energy committee, he said the project “is feasible, should be completed, and will be completed”.

However, he did admit that public natural gas infrastructure company Etyfa “strongly recommends that it is impossible and operationally dangerous to put out a call for tenders at this time” for the project to be carried out.

This assertion did not impress committee chairman and Disy MP Kyriakos Hadjiyiannis, who said “a delaying tactic is being followed with the aim and desire that this project not be completed”.

He said he expected that “there would at least be a proposal on the table to break the deadlock” over the LNG terminal and added that “the government as a whole is following a policy of delay”.

But Papanastasiou said the delays had come about because “there are not many options at the moment because the project is incomplete.

The European Investment Fund (EIF) and Eurobank (Cyprus) on Tuesday announced the launch of the first InvestEU Guarantee transaction in Cyprus, unlocking €62.5 million in new financing for small and medium-sized enterprises and start-ups.

The agreement, signed by the EIF and Eurobank, will provide a portfolio guarantee designed to mobilise loans for Cypriot businesses, particularly supporting start-ups traditionally excluded from bank credit.

“This first EIF InvestEU agreement in Cyprus opens new doors for entrepreneurs,” said Kyriakos Kakouris, Vice-President of the European Investment Bank.

“Europe is here to make financing simpler, fairer and more inclusive. SMEs and start-ups across Cyprus will now be better equipped to invest, expand and create jobs, strengthening the local economy and Europe’s competitiveness,” he added.

Cyprus-based owners are accelerating investments in dual-fuel and energy-efficient ships, backed by government incentives, as global fleet control remains concentrated among a handful of players led by Mediterranean Shipping Company (MSC), according to new data from VesselsValue. 

To begin with, Limassol-headquartered Lemissoler Navigation has ordered up to eight methanol dual-fuel Ultramax bulkers, marking a first for that ship size in China’s yards.  

Building on this, Columbia Group expects such vessels to dominate. “By the end of 2025, dual-fuel ships will account for about half of global new-build orders, with LNG propulsion powering nearly 70 per cent of those vessels,” the company said.  

Technical director Duncan McLennan added that “It is not just about building ships, but about ensuring they are run safely, efficiently, and in full compliance.”

The Cyprus Securities and Exchange Commission (CySEC) has warned investors about several websites that are not authorised to provide investment services or perform investment activities in Cyprus.

The regulator stated that these websites do not belong to any entity licensed to operate here.

The websites in question are deltatradingcorp.com, vyntor.net, phronimoss.com, alchemy-investments.ltd, axiance.com, superfitmax.com, fusion4marketsltd.com, anforanav.com, bm-holdings.co, lyfelete.com, and novustrade.net.

Moreover, the commission advised investors to exercise caution and verify whether a company is authorised before engaging in any transactions.

“CySEC urges investors to consult its website before conducting business with investment firms, in order to ascertain the entities, which are licensed to provide investment services or investment activities,” the commission said.

Atlantic Insurance Company Public Ltd on Tuesday announced that Astrobank has reduced its stake in the firm through a series of pre-agreed share sales.

The company said that between September 16 and September 19, 2025, Astrobank Public Company Ltd, which previously held more than 5 per cent of Atlantic’s share capital, sold 653,500 shares at a price of 2.30 euros each.

As a result, the company said that Astrobank’s participation in Atlantic’s share capital has fallen to 5.47 per cent.

The disclosure of the sales was conducted “in order to better inform our shareholders and investors in general”, according to Emilios Pirishis, chairman of Atlantic Insurance Company Public Ltd.

The announcement was made through a filing on the Cyprus Stock Exchange (CSE), where the company is listed under the exchange’s regulated market.

Eurobank Holdings this week announced that its subsidiary, Eurobank, has successfully completed an additional bond issuance following strong interest from institutional investors.

The bank said the move concerns its high-priority fixed-rate bond of €500 million maturing in 2028.

The bonds, which bear the international securities identification number XS3110850347, were first issued on July 7, 2025.

Eurobank explained that it reached an agreement with Deutsche Bank and BNP Paribas to issue an additional €200 million through a private placement, creating new bonds that will be consolidated with the existing ones.

“The new bonds will be integrated and form a single series with the existing bonds, according to the terms of the original issuance,” the bank said.

The Cyprus Consumers Association this week issued guidance to consumers following a surge in complaints against a travel agency that failed to meet its obligations to clients.

The association, which did not name the agency in question, said the complaints related to difficulties customers faced in obtaining refunds for services they had paid for but did not receive.

According to the association, the law requires travel organisers to provide a guarantee covering the full amount paid by customers for services they cannot deliver.

“The competent authority for depositing and monitoring the organiser’s guarantee is the Consumer Protection Service and the approved body designated by the Minister of Energy, Commerce and Industry, which is the Association of Cyprus Travel & Tourism Agents,” they added.

What is more, the association explained that if a travel organiser cannot fulfil its obligations, the organiser’s guarantee is activated, and the amount is distributed to travellers who did not receive the services they paid for.