Total new bank loans in Cyprus recorded an increase in 2021 compared to the previous year but the war in Ukraine has created a new environment – one that exacerbates pre-existing headwinds to growth.

Branches of Lebanese banks operating in Cyprus will shut down following a decision by the country’s Central Bank. A Central Bank of Cyprus (CBC) official has confirmed to CNA the decision taken by the country’s banking regulator.

A four-day workweek is being piloted in the Republic of Cyprus, with a big accounting firm on the island testing the waters of better work-life balance this summer.

The goal for Cyprus is to see over two million foreign visitors until the end of the year, Deputy Minister of Tourism Savvas Perdios said on Tuesday.

Total exports of goods to the EU Member States and to third countries in January - February 2022 increased by 55.2%, compared to the same period last year, according to the monthly report published by the Statistical Service of Cyprus. At the same time, the trade deficit fell to €955 million in the first two months of this year compared to €999.1 million in the first two months of 2021.

GDP growth in Cyprus this year will decelerate to 2.3% from the previous estimate of 3.6%, while inflation will more than double due to negative geopolitical developments associated with the war in Ukraine, Central Bank governor Constantinos Herodotou said.

The European Commission has announced it has approved a state aid scheme worth a total of €890.000 for halloumi producers, in the context of dealing with the economic effects of the coronavirus pandemic.

The Cyprus Productivity Centre (CPC) of the Ministry of Labour has announced that in the context of e-government promotion, it is offering a digital skills training workshop on Windows for people aged 55 and over.

Drilling works have started at "Cronos-1" within Block 6, of Cyprus’ exclusive economic zone, the Ministry of Energy announced on Monday.

The Bank of Cyprus plans to reduce the number of its branches by 25% and workforce by 15% this year. In numbers, this means 500 jobs will go and branches would be reduced from 80 to 60.