The Commission for the Protection of Competition (CPC) approved on Friday Eurobank’s bid to acquire Hellenic Bank’s share capital. The decision was taken with a majority vote in favour of the acquisition, an announcement by the CPC said.

The Central Bank of Cyprus (CBC) this week released a quarterly report showing that the interest rate on household deposits with a maturity of up to one year increased to 2.29 per cent, up from 2.01 per cent in the previous month. At the same time, the interest rate on deposits from non-financial corporations decreased slightly to 2.19 per cent, compared to 2.29 per cent in the previous month.

Finance Minister Makis Keravnos and Cyprus Central Bank (CBC) governor Constantinos Herodotou held a meeting on Thursday, discussing a potential decrease in interest rates by the European Central Bank (ECB) during 2024. 

Copper prices set to soar by more than 75 per cent over next two years. Mark Rachovides, chairman of Venus Minerals and a member of Euromines, the voice of the European metals and minerals mining industry, on Thursday explained that copper prices are expected to rise by approximately 75 per cent over the next two years.

The economic climate in Cyprus showed signs of improvement in January 2024, according to a report released this week by the University of Cyprus’ Economic Research Centre (CypERC). The Economic Sentiment Indicator (ESI) increased by 2.3 units compared to December 2023, primarily attributed to a strengthening business environment in the services sector.

In recent years, Cyprus has emerged as a preferred destination for international and regional headquarters of tech multinationals.

This article is an update to our earlier article entitled: UBO Register in the Republic of Cyprus: Deadline extended for Interim Solution-compliant companies.

In his statements to the press following the meeting, the Director of the Press Office of the President of the Republic, Mr. Victor Papadopoulos, said that “The presence of the Head and members of the UAE Investment Fund, TAQA, in Cyprus and the meeting that occurred today with president Christodoulides, took place as a follow up to the visit back in the summer of the Deputy Minister of Foreign Affairs of the UAE, responsible for economic and commercial matters.”

The Information and Telecommunication is Cyprus’ fastest growing sector, according to GDP data published by Cystat, highlighting the momentum of the sector as a component of the Cypriot GDP.

Cyprus has witnessed a remarkable surge in the Information and Communication Technology (ICT) sector, emerging as a central driver of economic development, with the CEO of Invest Cyprus Marios Tannousis attributing this success to the collaborative efforts of the government and the private sector.