Here are the top business stories in Cyprus from the week starting July 27:
The statistical service reported that total petroleum product sales reached 129,479 tonnes in June 2026, representing an 8.0 per cent decline compared with the same month last year.
The figures come as Cyprus continues to experience one of the highest annual increases in fuel prices in the European Union, despite retail prices easing in recent weeks from the peaks triggered by tensions between Israel and Iran.
According to Eurostat, the price of fuels and lubricants for personal transport in Cyprus was 18.6 per cent higher in June 2026 than a year earlier, placing the island among the countries recording the steepest annual increases in the bloc.
The award acknowledges excellence across a range of asset servicing activities, including operational efficiency, technology, client service and regulatory expertise, while recognising institutions that consistently deliver high-quality custody solutions to institutional and private investors.
According to the bank, the distinction reflects its continued commitment to safeguarding client assets while providing reliable custody and depositary services to Cyprus’ financial sector.
It added that it also highlights the Bank of Cyprus’ continued investment in innovative post-trade services, supported by governance standards, regulatory compliance and expertise in local and international markets.
The association said it is entering a new era of growth, strategic initiatives, and commitment to professional excellence and ethics after the leadership change.
Andreas Spyrides has been elected president of the association, succeeding Constantinos Kourouyiannis, who during his tenure contributed to strengthening the organisation’s role and presence within Cyprus’ financial community.
Jan-Hofmeyr Retief assumes the role of vice-president, while the seven-member board is completed by Kyriacos Inios as secretary and Evgeny Tarakanov as treasurer.
The remaining members of the board are Stella Mourouzidou Damtsa, Byron Kaklopoulos, and Spyros Ierides.
The CBC reported that total deposits increased by a net €601.2 million in June 2026, compared with a net increase of €343.8 million recorded in May. Despite the stronger monthly inflow, the annual growth rate of total deposits eased slightly to 5.0 per cent in June from 5.1 per cent in May.
The outstanding balance of total deposits reached €58.7 billion at the end of June. At the same time, deposits held by Cyprus residents increased by €626.2 million during the month.
The analysis examined the country’s 50 largest property sales completed between January and June 2026, as well as how those transactions were distributed across Cyprus’ districts.
The company, which uses technology to monitor property transactions, asking prices and construction activity, found that the 10 largest transactions alone accounted for €161.7 million of the total.
The single largest transaction, valued at €55 million, involved a building and adjoining fields in Moni, Limassol district.
Among the 10 most expensive property transactions nationwide, Limassol accounted for six sales with a combined value of €117.2 million.
The company said the expansion enables users to invest in Cypriot and Greek shares from as little as €1, while offering what it described as the lowest fees in the market.
According to the announcement, the platform gives everyday investors direct access to leading Cypriot and Greek blue-chip companies, banking institutions and other domestic businesses from their mobile phones through fractional investing.
The launch also represents an expansion of the strategic partnership between the Bank of Cyprus and Wealthyhood, with the local lender integrating access to the Cyprus Stock Exchange and the Athens market into the Wealthyhood x BoC investment platform.
The annual report sets out the central bank’s assessment of the developments and risks affecting financial stability in Cyprus, focusing on the key medium-term risks facing the financial system, the resilience of the sector against adverse scenarios and the macroprudential measures adopted by the CBC to safeguard stability.
In a message accompanying the report, Head of the CBC’s Financial Stability and Resolution Directorate Pany Karamanou said that “geopolitical and economic tensions, coupled with elevated global uncertainty, are shaping the outlook for financial stability“.
“Against this backdrop, maintaining strong capital positions and adequate liquidity buffers remains essential to ensuring the resilience of the financial sector,” she added.
Speaking to the Cyprus News Agency (CNA), Ellinas described the final investment decision by the Eni and TotalEnergies consortium as an important milestone that could pave the way for wider development of Cyprus’ offshore gas resources.
“This is certainly a historic development because, after 15 years, we are finally moving towards the process of exporting natural gas,” Ellinas said.
He explained that annual production from the Kronos field is expected to reach around five billion cubic metres of natural gas, of which approximately four billion cubic metres will be destined primarily for European markets.
“Europe imports around 300 billion cubic metres every year, while we will be sending four billion, so it is a small contribution rather than a solution for Europe,” he said.
The agreement has an initial duration of seven years, with an option to extend it by a further three years, the company stated.
According to the announcement, the contract covers two maintenance lines dedicated to scheduled heavy maintenance checks for easyJet’s Airbus A320 family aircraft, with all work to be carried out at Bird Aviation’s facilities in Cyprus.
The company said the agreement builds on the long-standing relationship between Bird Aviation and easyJet and establishes a stable framework for the continued provision of heavy maintenance services.
It added that the deal will further reinforce the role of Bird Aviation’s Larnaca facilities in supporting easyJet’s fleet maintenance programme over the coming years.
The centre forecasts real gross domestic product (GDP) growth of 2.7 per cent in 2026, down from an estimated 3.8 per cent in 2025, before strengthening to 3.1 per cent in 2027.
The latest projections also foresee inflation rising to 3 per cent in 2026, marking a sharp increase from the exceptionally low level recorded in 2025.
Compared with the centre’s previous outlook published in April, the 2026 growth forecast has been revised down by 0.2 percentage points, while the projection for 2027 remains unchanged.
According to CypERC, the downward revision reflects slower GDP growth during the first quarter of 2026 in both Cyprus and the euro area, together with developments captured by leading economic indicators between April and June.
However, it should be noted that the average salary remains a less representative measure of workers’ earnings than the median, with most employees earning considerably less than the overall average.
Specifically, the average gross monthly earnings of employees in Cyprus reached €2,601 in the first quarter of 2026, up from €2,508 in the corresponding quarter of 2025, representing an annual increase of 3.7 per cent.
However, while the average salary is influenced by relatively high earners at the top end of the income scale, the earnings distribution indicates that the salary received by the typical worker is lower, with the largest share of employees falling within the €1,500 to €2,999 monthly earnings bracket.
After adjusting for seasonal factors, average gross monthly earnings stood at €2,652 during the first quarter of 2026, marking an increase of 0.8 per cent compared with the fourth quarter of 2025.
In an interview with the Cyprus Mail, Petros-Emmanouil Panagopoulos discussed the company’s expansion into South-Eastern Europe, including Cyprus.
The platform connects human resources, finance, and IT, using an AI agent model that operates within strict user permission structures to ensure security and governance.
By automating administrative workflows such as time tracking and expense management, Factorial helps small and medium-sized enterprises reduce operational overhead without replacing existing systems.
Key benchmarks for regional success include high customer retention, robust local partnerships, and strong AI adoption rates over the coming months.
The board reported that its work focused on reinforcing Cyta’s position as a reliable connectivity provider while preparing the organisation to play a broader role in the country’s digital development.
It said that investments in digital transformation, telecommunications infrastructure and technology services laid stronger foundations for improved customer services, created additional opportunities for the economy and supported Cyprus’ wider digital progress.
One of the most significant developments during the board’s tenure was the expansion of the institutional and legislative framework governing Cyta’s operations.
Specifically, revenue from tourism reached €355.2 million in May 2026, compared with €373.3 million in the same month of 2025, according to figures released on Thursday by the Cyprus Statistical Service (Cystat).
The figures come after tourist arrivals in May also declined, largely due to the continuing impact of regional instability, particularly the conflict in the Middle East, which has affected the sector during 2026.
For the January to May 2026 period, tourism revenue is estimated at €798.2 million, compared with €955.8 million during the corresponding period of 2025, representing a 16.5 per cent decrease.
Data released by the EU statistical office revealed that the seasonally adjusted jobless rate in Cyprus edged down from 3.1 per cent in May 2026 and 3.2 per cent in April 2026.
The 3 per cent rate placed Cyprus joint lowest among all EU member states alongside Bulgaria, contrasting sharply with the broader EU average.
The total number of unemployed persons in Cyprus stood at approximately 16,000 in June 2026, holding firm at the same level recorded in May 2026 and down from 17,000 in April 2026.
For young workers under the age of 25, the youth unemployment rate in Cyprus remained stable at 7.8 per cent in June 2026, unchanged from the previous month.
The bank said the award reflects a series of major digital innovations introduced during 2025, including the integration of Fleksy, Cyprus’ first buy now, pay later service, into its digital banking platform.
It also highlighted significant upgrades to its Joey youth banking ecosystem, including savings and goals features and the ability for users to transfer money between Joey accounts.
Other developments included the expansion of QuickAccount to support sterling and US dollar accounts, as well as the launch of what the bank described as the market’s first digital housing loan.
The Bank of Cyprus added that its digital strategy has been reflected in strong customer adoption, with active digital users exceeding 500,000.
In a written statement sent to the Cyprus News Agency (CNA), Koumis said the 4.8 per cent decline in tourism revenue in May compared with 2025 was not excessive, while compared with 2024 the sector recorded growth of 14.4 per cent.
“The statistical measurement confirms that the tourism sector is without doubt now on a stable path, and proves that the coordinated and targeted actions of the government, always in cooperation with our country’s tourism industry, had a positive impact on the sector,” Koumis said.
Regarding the first five months of the year, the deputy minister said the overall revenue picture had improved by 7.4 percentage points compared with the first four months, which he said reflected the gradual and now established recovery of the sector.
The report, prepared by the CBC’s Economic Analysis and Monetary Policy Division, said the move towards longer-term fixed-rate lending, particularly in the mortgage market, reduced the exposure of new borrowers to interest rate fluctuations, narrowed the gap between lending and deposit rates, and altered how monetary policy is transmitted through the Cypriot economy.
According to the central bank, the ECB’s monetary tightening cycle, which ran from July 2022 until September 2023, followed by the subsequent easing phase between June 2024 and June 2025, was accompanied by significant changes in the composition of new lending in Cyprus.
Adjusted net profit reached €776m, up 9.2 per cent year on year, while earnings per share stood at €0.20 and return on tangible book value reached 16.6 per cent.
Eurobank CEO Fokion Karavias said the group continued to deliver strong results despite ongoing geopolitical uncertainty and renewed tensions in the Middle East.
“Despite persistent geopolitical uncertainty and renewed tensions in the Middle East, the economies of our core markets have remained on a solid growth trajectory,” Karavias said.
He added that the Greek economy had remained resilient, supported by investment activity, tourism and continued expansion in business lending.
“In Cyprus and Bulgaria, economic sentiment and growth remain also robust,” Karavias said.
The bank’s non-Greek operations, which include Cyprus and Bulgaria, generated €361m in adjusted net profit, accounting for 46.5 per cent of group profitability.
The surplus was slightly higher than the €416.80m, or 1.1 per cent of GDP, recorded during the corresponding period of 2025.
Total government revenue rose by 4.1 per cent to €7.40 billion between January and June 2026, compared with €7.11 billion in the same period a year earlier.
The statistical service said the increase reflected an additional €290.30m in revenue over the first half of 2025.
Revenue from taxes on income and wealth increased by €101.00m, or 6.3 per cent, reaching €1.69bn compared with €1.59bn a year earlier.
BG Cyprus’ 35 per cent non-operated interest in a Cyprus Offshore block, home to the Aphrodite gas field in the eastern Mediterranean, will be controlled by MOL upon the expected 2027 completion of the deal.
“Our decision to exit is driven by disciplined capital allocation and portfolio choices, as we focus on opportunities that strengthen our integrated LNG value chain,” Shell’s Integrated Gas President Cederic Cremers said in a statement.
Shell has been seeking to expand its LNG portfolio to capitalise on rising global demand for the fuel and on Thursday said it will take a final investment decision on its Canada LNG project phase 2 by the end of 2026.
The January 1 to June 30, 2026 period saw sales of apartments and houses either under construction or at the planning stage reach a combined value of €1.15 billion, reflecting continued activity across the island’s residential property sector.
The average value per transaction stood at €319,618, while the median price was €232,500, with the wide gap between the two figures attributed to a number of particularly high-value property sales.
The analysis highlighted significant differences between Cyprus’ five districts, with each market displaying distinct characteristics depending on buyer demand, property type and price levels.
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