Cyprus Business Now: tourism, banks, rising rents, digital euro, wages
The award, according to an announcement from the bank, recognises its commitment to serving high-net-worth individuals through a broad range of banking and investment products and services.
In addition, it should be noted that this is the fourth consecutive year that this award has been won by the Bank of Cyprus.
Central to that effort is PrivilEDGE, its value proposition tailored to the changing needs of clients through personalised relationship management, exclusive investment solutions and lifestyle privileges aimed at enhancing the overall banking experience.
According to data presented by Philenews, an average salary for many households must now cover rent or a mortgage payment first, before electricity, food and other essential expenses are even taken into account.
In some cases, rental costs appear to exceed what an average earner can realistically afford, the figures showed.
Figures from the statistical service (Cystat) show that 36.5 per cent of employees in Cyprus, both Cypriots and non-Cypriots, earn less than €1,500 gross per month, while 39.7 per cent receive between €1,500 and €2,999.
Another 12.7 per cent earn between €3,000 and €4,499, and 6 per cent receive between €4,500 and €5,999.
Speaking to the Cyprus News Agency (CNA), Angelides described the anticipated resumption of flights from the neighbouring country as “an unexpected boost” for Cyprus tourism, following recent geopolitical developments.
“Following the recent ceasefire agreed between the United States and Iran, flights from Israel to Cyprus are expected to begin next week in even greater numbers than before,” Angelides said.
“This is very good news and we hope it will be sustained, as it represents an unexpected boost for our tourism, considering that Israel is the second largest source market for Cyprus,” he added.
The travel advisory upgrade by Poland to level 1 places Cyprus in the category recommending normal caution, improving its international safety perception.
Koumis described the development as “particularly positive”, stating that it strengthens Cyprus’ image as a safe tourist destination.
In comments to the Cyprus News Agency (CNA), he also referred to the recent informal meeting of EU tourism ministers, highlighting its impact on perceptions of the country.
“A message of optimism was conveyed by the informal meeting of EU tourism ministers,” Koumis said.
According to the tender notice, economic operators may submit bids for one or more premises, parts or sections, with the deadline for submissions set for May 8.
Tenders will be opened on the same day for evaluation.
The tender, published earlier this month through the Republic of Cyprus’ e-procurement platform e-PPS, concerns a six-year contract due to begin on July 1.
The notice covers three restaurants, one tavern, two snack bars and one bar.
Located on Limassol’s seafront, the Old Port has long since shifted from its original maritime role to a mixed-use leisure and commercial destination.
In a filing to both the Cyprus Stock Exchange (CSE) and Athens Stock Exchange (ATHEX), the bank stated that the purchases were carried out between April 14 and April 17, 2026, in line with the programme launched following earlier shareholder approvals.
The share buyback programme had originally been announced on December 12, 2025, and was approved by the extraordinary general meeting of shareholders held on October 22, 2025, in accordance with applicable legislation.
The initiative continues a previous programme approved by the ordinary general meeting of Eurobank Ergasias Services and Holdings S.A. shareholders on April 30, 2025, reinforcing the group’s capital management strategy.
The updated cost study on the digital euro was sent by the Hellenic Bank Association to Greek banks, and subsequently shared by Greek business outlet Newmoney, as part of wider efforts led by the ECB to accelerate the rollout of the digital currency across Europe.
According to the study, conducted by advisory firm PwC, the cost for the European financial sector is estimated at €18bn, a figure described as substantial given the scale of the required transformation.
By contrast, the ECB’s own internal calculations placed the cost significantly lower, at between €4bn and €5.7bn, representing a figure between 4.5 and 3 times lower than PwC’s estimate.
The study found that, while statutory minimum wages have risen sharply across Europe in recent years, the benefit to workers has varied widely once inflation is taken into account.
In Cyprus, the analysis showed that the minimum wage stood at €1,088 in 2026, with real annual growth of 7.9 per cent, placing it among the stronger performers in Europe.
At the same time, the real loss in the wage’s value was put at €9.70, leaving its real value at €977.52.
The programme, titled “Training in the Use of Generative Artificial Intelligence Tools (ChatGPT, Gemini, Claude) and Effective Integration of Artificial Intelligence in Business Processes”, will take place on May 18, 2026.
The seminar will be held at the Keve building in Nicosia, with sessions running from 08.45 to 16.45.
The course will be delivered in Greek and led by programme instructors Monika Odysseos, Rosemary Hadjicharalambous and Iasonas Mylonas.
According to Keve, the programme is designed for managers and scientific staff, as well as administrative personnel from departments including management, marketing, accounting, strategic planning, human resources and sales.
In that context, CITEA’s president George Malekkos, vice president Antonia Michael and general manager Matina Zisiadou met representatives from the Embassy of the People’s Republic of China in Cyprus to explore ways of deepening commercial ties.
The discussion centred on prospects for boosting exports by Cypriot technology companies and, at the same time, on practical ways to support their entry into the Chinese market.
Particular attention was given to the China International Import Expo, an exhibition focused exclusively on imports into China, which was seen as a promising platform for Cypriot companies looking to gain a foothold in the market.
A meeting is due at noon on Monday at the Deputy Ministry of Tourism, where officials are expected to review the latest tourism data and assess whether the improved mood can translate into bookings during the peak summer months.
One of the clearest positive signals is the expected resumption this week of flights between Israel and Cyprus.
Pasyxe director-general Christos Angelides said the development would be “an unexpected breath of fresh air” for the sector, noting that Israel is Cyprus’ second-largest tourist market.
He added that all efforts are now focused on protecting the period from June to the end of October, when hotel occupancy, arrivals and tourism revenue usually peak.
The service presented the above findings in its bimonthly bulletin, covering January to February 2026, which includes key economic indicators, alongside comparative data for the past four years.
The bulletin provides an overview of the Cyprus economy’s latest performance up to February 2026, based on data available as of mid-April.
Manufacturing production recorded a modest increase, rising by 1.5 per cent in January 2026 compared with the same month a year earlier.
The union said the reform push, led by Finance Minister Makis Keravnos, is intended to shorten the time needed to hire permanent staff, while making the process more targeted and better aligned with the needs of government departments.
“Pasydy welcomes the move by Keravnos, to modernise the recruitment process in the public service with the aim of shortening the time required to recruit permanent employees,” the union’s general secretary, Stratis Mattheou, told Politis.
Mattheou said both Pasydy and the union’s directors’ branch had in recent months submitted letters with specific suggestions on the need to modernise the recruitment process, adding that several of those proposals were adopted in the bills now before parliament.
Specifically, the statistical service reported that the price index reached 119.91 units in March 2026, based on 2021 as the benchmark year set at 100 units, reflecting ongoing changes in construction costs.
When compared with the previous month, the index recorded a monthly increase of 0.52 per cent, indicating a continued but moderate upward trend.
On an annual basis, the index rose by 0.93 per cent compared with March 2025, pointing to sustained price pressures in the sector.
The statistical service reported that the quarterly national accounts data for 2025 were revised following updates to government finance statistics and balance of payments statistics, as well as the incorporation of the balanced supply and use tables for 2022.
According to the revised figures, the gross domestic product growth rate in real terms for the fourth quarter of 2025 reached 4.5 per cent on a seasonally adjusted basis, compared with the corresponding quarter of 2024.
According to the announcement, the strategic planning framework defines the organisation’s strategic objectives and key pillars of activity, setting the direction for its work over the next three years.
The strategic plan represents a comprehensive framework of actions and operations aimed at ensuring sound fiscal management and modernising state systems.
It also seeks to strengthen transparency while delivering high-quality services to the public sector, citizens, and businesses.
The agreement, signed on April 6, establishes a structured framework of collaboration between the public and private sectors, combining the diplomatic reach of the ministry, the institutional representation of the business community by Oev, and the specialised expertise of the pharmaceutical industry through Paef.
Through this partnership, the parties aim to support the provision of humanitarian assistance in pharmaceutical products to countries facing increased needs due to natural disasters or crises, while also facilitating the transfer of know-how and best practices in pharmaceutical policy and public health.
The securities, which cover the period from January 23, 2026 to April 24, 2026, are identified under the trading code TB13A26.
Trading will remain suspended from April 21, 2026 to April 23, 2026 inclusive in order to allow the clearing of transactions to be completed ahead of the delisting process.
The suspension has been introduced to ensure the orderly settlement of all outstanding trades prior to the delisting of the instruments from the market infrastructure.