Cyprus Business Now: weekly wrap-up
Here are the top business stories in Cyprus from the week starting March 9:
The association submitted a written note to the House finance committee, which is examining proposals to amend the country’s foreclosure legislation.
“Possible approval of the proposed laws will have negative consequences for credit institutions, the stability of the financial system and possibly the credit rating of the Cypriot economy because they will suspend the timetable and procedures for property foreclosures,” the association said in its note to parliament.
The organisation said its members have expressed strong concern over the proposed amendments to the foreclosure framework, which are currently under discussion in the legislature.
He highlighted Cyprus’s sound economic fundamentals, solid fiscal base, and resilient banking sector as key pillars of stability.
Governor Patsalides emphasised that the banking system remains well-capitalised and highly liquid, which he believes strengthens its capacity to absorb potential external shocks.
Regarding the wider eurozone, he indicated that the sharp rise in energy prices is being closely monitored and assessed.
Speaking to the Cyprus News Agency (CNA), Prokopiou said crude prices had climbed sharply in recent days.
His comments came as oil prices surged on international markets, with Brent crude at one point touching $119.50 a barrel on Monday, as supply cuts and fears of prolonged disruption to shipping routes linked to the expanding US-Israeli war with Iran rattled international markets.
That increase, he said, is already beginning to feed through to the local market. A first rise of around two cents per litre was recorded last week, while further increases are expected to follow.
In a statement, the association said such periods usually bring short-term turbulence, largely driven by intense international news coverage and the initial reaction of markets. Over time, however, the picture becomes clearer and balance is restored.
As air links with key markets are restored, demand for accommodation in Cyprus is estimated to follow a similar path to recovery, Papacharalambous told the Cyprus News Agency (CNA).
This assessment follows an announcement from Hermes Airports earlier today, confirming that connectivity with Europe has been restored after the resumption of several flights that had been temporarily suspended in recent weeks.
The airport operator stated that a number of routes interrupted by the situation in the Middle East have resumed operations in recent days, strengthening connections from the country’s two international airports.
The report underlined the growing importance of Cyprus within Eurobank’s international strategy, highlighting the full integration of local operations and insurance activities as well as the complete takeover of Hellenic Bank during the year.
The directors presented their report together with the financial statements for the year ended December 31, 2025.
In December 2025, the merger by absorption of Eurobank Ergasias Services and Holdings S.A. by Eurobank S.A. was completed, making Eurobank S.A. the ultimate parent company of the group.
Data from the consumer protection service showed fuel prices in Cyprus rose by between 2.6 cents and 4.7 cents per litre over the past 10 days, depending on the type of fuel.
But the sharper increase may still be ahead, as the recent spike in crude prices has yet to fully pass through to the retail market.
Oil had climbed from around $90 a barrel a week ago to above $115 on Monday, raising expectations of further increases at petrol stations across Cyprus.
Part of the pressure is coming from refinery prices, which relevant bodies in Cyprus say have risen by as much as 55 per cent over the past week. The increase has been compounded by higher charges and insurance premiums.
The decision, dated March 9, also ordered the immediate withdrawal of the specific clauses.
According to the service, certain terms in the bank’s mortgage agreements created a significant imbalance between the rights and obligations of the bank and those of consumers, to the detriment of borrowers.
These included clauses allowing the bank to change interest rates and the method used to calculate them without clear and objective criteria, directly affecting the overall cost of the loan.
Other problematic provisions gave the bank broad powers to offset and merge customer accounts, in some cases without prior notice, while also treating notices as received by the borrower even when they had been returned undelivered.
In a detailed note signed by senior director Michalis Kronides, the association said it disagrees with amendments concerning the comparability of fees, the switching of payment accounts and access to payment accounts by very small businesses.
The association stated that it opposes proposals that seek to expand the definition of the term consumer so that it would include very small businesses, shareholders of very small businesses and self employed individuals acting within their professional activities.
It also expressed opposition to provisions that would allow the maintenance of a payment account with basic features at more than one credit institution.
In a statement, the association argued that the ongoing foreclosure crisis has once again exposed one of the deepest social and economic vulnerabilities in Cyprus.
“Recent developments surrounding the issue of foreclosures bring back to the forefront one of the most serious social and economic issues affecting Cypriot society, especially for thousands of borrowers who continue to face difficulties in repaying their loans,” the association said.
Speaking upon his arrival at the ECOFIN council meeting, Keravnos delivered a message of stability and normality, stressing that Cyprus remains secure even though it lies in a region affected by the conflict involving Iran.
“Cyprus geographically is located in the wider region where there are currently some hostilities due to the war with Iran,” said Keravnos.
“We have taken certain precautionary measures,” he added.
Specifically, the Paphos regional tourism board (Etap) is taking part in a series of professional workshops and presentations in Katowice and Warsaw from March 10 to 12, as part of its 2026 action plan.
According to an announcement, the initiative is being carried out in cooperation with the deputy ministry of tourism and is aimed at strengthening ties with tour operators and other commercial partners, while further promoting Paphos in the Polish market.
Poland is now seen as a high-priority market for both Cyprus and Paphos, with visitor numbers rising sharply in recent years, helped in large part by stronger air links and, in particular, Ryanair flights to Paphos airport.
During the meeting, Etyk honorary president Loizos Hadjicostis presented the provisions of the agreement and analysed its content in detail.
He also answered questions and provided clarifications to ensure that all participants fully understood the terms and provisions of the contract.
According to the announcement, an overwhelming majority of members supported the union’s proposal to approve the agreement, resulting in a 96 per cent approval rate.
The association said the matter was discussed at a meeting this week, attended by president Yiannis Misirlis, members of its board, and general manager Mersina Isidorou.
During the discussion, it raised what it described as persistent delays in the licensing process, saying that, despite efforts to accelerate procedures, the problem continues. In some cases, it added, the time required to obtain permits exceeds the time needed to construct a project.
In a statement, the chamber said Cyprus’ hotel and tourism industry was once again being directly hit by geopolitical developments, with reservation cancellations, a slowdown in new bookings and growing uncertainty in international markets already raising concern over the course of this year’s tourist season.
Tourism, it said, remains one of the most important pillars of the Cypriot economy, supporting thousands of businesses and employees, as well as the broader chain linked to hospitality, services, trade and transport.
As a result, the chamber said, any fallout would not be confined to hotels alone but would affect economic activity more broadly across the country.
The report, prepared by the parliament’s Special Committee on the Housing Crisis, was approved by 367 votes in favour, 166 against and 84 abstentions, outlining a broad framework aimed at expanding housing supply, reducing costs and improving access to affordable homes across the European Union.
Cypriot MEP Michalis Hadjipantela, representing Disy and the European People’s Party, said he was satisfied with the outcome, highlighting an amendment he co-signed that places particular emphasis on supporting young people and families facing difficulties entering the housing market.
“For small states such as Cyprus, access to affordable housing is crucial for young families,” the MEP said.
During the visit to DP World at Limassol port, the president was informed about the current situation by Simon Pitout, chief executive officer of DP World Cyprus, and Doros Arestis, government relations and public affairs manager.
The visit focused on assessing the status of port operations and maritime activity at one of Cyprus’ most important logistics hubs.
Following the briefing, the EOA president said that all port operations are continuing normally, even amid recent unrest in the wider region.
Speaking at a WISTA Cyprus (Women’s International Shipping & Trading Association) gathering on Wednesday to mark International Women’s Day, she argued that greater inclusion is making the industry more innovative and better prepared for the future.
Every step forward made by women carries significant weight as they continue to strengthen the profession, the minister stated.
Women in maritime, she said, bring “incredible expertise and professionalism”, but also “perspective, resilience, creativity and leadership”, qualities which, she added, do not benefit women alone but the industry as a whole by making organisations stronger, decisions better, and the sector more dynamic.
The federation stated that maintaining stability, security and the smooth functioning of the economy is a top priority and a collective responsibility for the country.
“The resilience of the Cypriot economy has been tested in recent years in extremely adverse conditions and has proven strong institutionally, operationally and organisationally against every kind of crisis and international or regional geopolitical upheaval,” the federation said.
According to the statement, “responsibility and composure are more necessary today than ever”, as exaggerated public debate and the ease with which people can express themselves online risk creating a distorted picture of the situation.
Pasika said that “irresponsibility, immaturity and a misreading of events were fostering a negative climate that does not reflect reality“, adding that “Cyprus remains a safe country despite regional tensions”.
Speaking to Cyprus News Agency (CNA), Damianos said the situation is being followed “with care”.
He added that the unrest has temporarily affected global energy trade and added to volatility in international oil and fuel prices.
The minister said the consumer protection service is systematically monitoring the supply chain of goods and fuels in the Republic to prevent uncontrolled or unjustified price increases.
“Our goal,” he said, “is primarily to prevent uncontrolled or unjustified price increases.”
The meeting took place on Thursday with the participation of Limassol district local government organisation director general Socrates Metaxas, officials of the organisation and representatives of the Shipping Deputy Ministry.
The discussion was held in the context of EIT Water, in which the Limassol district local government organisation participates as a founding member.
EIT Water is the European Union’s new Knowledge and Innovation Community dedicated to water, marine and maritime sectors, created by the European Institute of Innovation and Technology to accelerate solutions addressing environmental, economic and social pressures on Europe’s water systems.
The House commerce committee on Thursday closed discussion on two legislative proposals tabled by MPs Costas Costas, Giannakis Gavriel and Andreas Pasiourtidis, after examining them for roughly three years.
The first proposal seeks to bring very small businesses into the framework governing basic payment accounts, while also introducing rules on the transparency and comparability of related bank charges.
The second would prevent banks from refusing a consumer’s application for a basic payment account simply because that person already holds such an account at another credit institution.
In the first instance, visitor numbers in Limassol have so far held up despite the tension in the wider region, with tourism bodies saying Cyprus continues to be regarded as a safe and dependable destination.
That was the main message from a meeting between the Limassol regional tourism board (Etap), the Limassol hoteliers association (Pasyxe) and the association of Cyprus tourist enterprises (Stek).
The meeting reviewed the impact of developments in the wider region on tourism and also discussed ways to further upgrade Limassol’s tourism product.