Cyprus Business Now: banks, Oev, Akamas walkway, minimum wage, real estate
He also warned that any decision should be taken with extreme caution to avoid collateral effects from a hasty move.
Persianis said that “extremely careful judgment and prior analysis” were required, stressing that decisions taken without sufficient preparation could have negative repercussions across the economy.
In that context, he said several economic parameters should be taken into account.
First, he noted that average and median salaries calculated on the basis of gross domestic product differ significantly from estimates based on gross national product.
“The latter more correctly reflects the per capita income in Cyprus and is more relevant to reality,” he said, adding that analysis based on GDP is misleading because the data are “contaminated, and driven, by a small number of sectors of the economy”.
The central bank said that as of the third quarter of 2025, Cyprus credit institutions continued to display strong capital positions, with further improvement compared with the same period in 2024.
The Common Equity Tier 1 ratio reached 26.1 per cent, reflecting sustained positive profitability across the banking sector, which has reinforced solvency over recent years.
At the same time, the leverage ratio remained broadly stable, underlining the sector’s robust and resilient financial footing.
Asset quality showed marked improvement during the third quarter of 2025, with the non-performing loans ratio declining to 4.5 per cent, the lowest level recorded since 2014.
In a statement, Oev thanked the legislature and, in particular, the House finance committee, noting that the bills “were processed at speed without compromising the quality of the final outcome, even as parliament was simultaneously handling the state budget”.
At the same time, it expressed appreciation to the government and the Finance Ministry, citing their openness to well-documented proposals from the business community and the structured approach followed in shaping and finalising the tax framework.
Oev also singled out the Tax Department and its commissioner, saying their engagement with the federation’s leadership and technical staff “allowed for detailed discussion and refinement of provisions aimed at strengthening competitiveness, safeguarding transparency and improving tax compliance”.
The election, held to choose the council’s president and board members for the next three-year term, recorded a turnout of 83 per cent of registered voters, with the process reported to have proceeded smoothly.
Kineyirou won 71 per cent of the vote, defeating his challenger who received 29 per cent, confirming his continuation at the helm of the regulatory body.
Alongside the presidential race, Marina Constantinidou, Iacovos Iacovides and Herodotos Herodotou were elected to the three available positions as elected members of the council’s board.
“I would like to express my warm thanks to all licensed real estate agents for the trust they have once again shown in me,” Kineyirou said following the announcement of the results.
The low-cost carrier said it will operate several weekly connections from Larnaca to cities that serve as gateways to established ski destinations, allowing passengers to reach mountain resorts via short onward road journeys.
One of the routes highlighted is to Kraków in Poland, from where travellers can reach Zakopane, a winter resort known for traditional architecture, Christmas markets and consistent snowfall.
Zakopane has grown in popularity in recent years among winter travellers, and Wizz Air operates multiple weekly flights from Larnaca to Kraków during the season, with the resort located just over an hour’s drive away.
The airline is also maintaining frequent winter services from Larnaca to Sofia, providing access to Bansko in Bulgaria, one of the country’s best-known ski resorts.
The document focuses on the practical application of Law 101(I)/2025, specifically addressing the fee structures and charges that will be applied to Cypriot Companies for the Administration of Undertakings for Collective Investments (CCAUCIs).
In addition to financial obligations, the consultation seeks to refine the elaboration and reporting requirements for certain material changes that may occur under the updated legislative framework.
The regulatory body also used the paper to outline its own discretionary powers in its capacity as the Competent Authority, covering the licensing, supervision, and ongoing oversight of these specialised administration firms.
The seafront route, according to a report in Philenews, has begun appearing in promotional material and holiday packages marketed by major European tour operators.
While construction continues, the timetable points to full delivery in 2026, building on the first section that was opened in 2024 by President Nikos Christodoulides.
In the meantime, the walkway has quickly taken on a life of its own. Over the past year it has become a regular destination for residents and visitors, used daily for walking, exercise and casual leisure against the backdrop of the coastline.
The decision followed the annual review of credit institutions falling under the O-SII definition, which assesses systemic importance and determines the level of the O-SII capital buffer they must maintain due to their role in the economy.
The institutions identified as O-SIIs are the Bank of Cyprus, Eurobank Limited formerly known as Hellenic Bank Public Company Ltd, and Alpha Bank Cyprus Ltd, according to the Central Bank of Cyprus.
The central bank explained that the strengthening of the systemic importance of these institutions, either through organic growth or through mergers and acquisitions, led to an increase in the required O-SII capital buffers for each of the designated banks.
The bank said it acquired 1.760.945 own shares on the Athens Stock Exchange between December 15, 2025 and December 19, 2025 as part of its approved share buyback programme, which was launched after shareholder approval in October.
The programme had been approved by an extraordinary general meeting of shareholders on October 22, 2025 in accordance with article 49 of Law 4548/2018 and followed a similar programme introduced earlier in the year by Eurobank Ergasias Services and Holdings.
Eurobank said the shares were purchased at an average price of €3.4739 per share, with a total acquisition cost of €6,117,394.79.
The decision applies to UCITS and alternative investment funds that hold assets in transferable securities listed on regulated markets and whose net asset value is calculated on a daily basis.
CySEC said it reached the decision after assessing the relevant legal framework and prevailing market circumstances.
“The Securities and Exchange Commission, in exceptional cases and in the unit-holders’ interest, by virtue of a decision and at its initiative, may suspend the redemption of UCITS units,” as provided under article 20(1) of the Open-Ended Undertakings for Collective Investment Law, CySEC said.
The figures showed that 16.9 per cent of people across the European Union lived in overcrowded households in 2024, marking a slight decline from 18.1 per cent in 2014.
Overcrowding is used by Eurostat as an indicator of housing quality and social conditions, as it reflects whether households have sufficient living space relative to their size and composition.
According to the data, more than 30 per cent of people lived in overcrowded households in five EU member states, underlining persistent disparities between countries.
Romania recorded the highest overcrowding rate at 40.7 per cent, followed by Latvia at 39.3 per cent, Bulgaria at 33.8 per cent, Poland at 33.7 per cent and Croatia at 31.7 per cent.
This marks a milestone for the exchange, aimed at broadening market activity and strengthening links with regional capital markets.
The exchange said that 3,631,510,801 ordinary shares of Eurobank S.A., each with a nominal value of €0.22, began trading on the Main Market of the Cyprus Stock Exchange on that date.
The shares are already listed on the Main Market of the Athens Stock Exchange, and the parallel listing allows them to be traded on both markets.