Cypriot economy

Christodoulides outlines Cyprus economic strategy in London

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Christodoulides outlines Cyprus economic strategy in London

President Nikos Christodoulides presented the government’s economic strategy to attract investments, which includes fiscal discipline, bold reforms, and a stable financial sector. He also emphasized efforts to strengthen the resilience and competitiveness of the Cypriot economy. Additionally, he attended a dinner celebrating 90 years since the founding of the ‘Greek Cypriot Brotherhood’ and was appointed as a patron of the organization.

Keravnos: No threat to Cyprus, ’ economy amid Middle East tensions

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Keravnos: No threat to Cyprus, ’ economy amid Middle East tensions

Fact: Finance Minister Makis Keravnos stated that there is no immediate threat to the Cypriot economy from developments in the Middle East, following a snap meeting with ministry officials.

The worst economic crisis in Turkish Cypriot history

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The worst economic crisis in Turkish Cypriot history

Fact: The annual inflation rate in the northern part of Cyprus hit 94.5 per cent in March, with monthly food inflation reaching 3.4 per cent.

Cypriots squeezed out of the property market

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Cypriots squeezed out of the property market

Cypriots are facing difficulties in the property market due to climbing rents, high construction costs, and interest rates. The government is being urged to intervene to address the issue. In Limassol, renting a one-bedroom flat costs a minimum of €850 a month, making it unaffordable for many locals. The government has introduced new construction incentives to stimulate affordable housing development.

PEO calls for wage increases amidst economic growth

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PEO calls for wage increases amidst economic growth

The General Secretary of PEO emphasized that the organization’s priority is to seek increases in Collective Employment Agreements to improve real wages, particularly focusing on starting salaries. She criticized the government for not taxing windfall profits and called for deeper social policy measures in response to ongoing inflation and new green taxes. She proposed revisions to income criteria for allowances, extension of parental leave, creation of care infrastructure, expansion of all-day schools, multiplication of housing programs, increase in Minimum Guaranteed Income, and resolution of pension issues.

Wizz Air’s success story has a Cypriot flavour

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Wizz Air’s success story has a Cypriot flavour

Wizz Air is celebrating its 20th anniversary next month and has been a key player in Cyprus’ aviation industry since establishing a base at Larnaca International Airport in 2010. The airline has received awards for its environmental practices and sustainability efforts. In 2023, Wizz Air played a significant role in Cyprus’ record-breaking tourist season by transporting passengers from various key markets. The airline increased its seat capacity by 70% in 2023 and is estimated to have injected €200 million into the Cypriot economy. Wizz Air holds the leading position for passenger numbers at Larnaca Airport and is set to offer 1.3 million seats on 25 routes to 16 countries from Cyprus in 2024. The airline’s presence has created 130 direct jobs and is estimated to support an additional 5,500 jobs in related sectors.

Cyprus appoints new ECB member, just in time

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Cyprus appoints new ECB member, just in time

Christodoulos Patsalides was appointed as the new Central Bank Governor of Cyprus, replacing Constandinos Herodotou. Patsalides, a former deputy CEO of the Bank of Cyprus, was sworn in just in time to attend the ECB monetary policy meeting in Frankfurt.

Keravnos targets enrichment of economic model

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Keravnos targets enrichment of economic model

Fact: The finance minister of Cyprus, Makis Keravnos, emphasized the importance of enriching Cyprus’ economic model and maintaining investment levels as part of the government’s economic policy.

Christodoulos Patsalides sworn in as Central Bank governor

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Christodoulos Patsalides sworn in as Central Bank governor

Fact: Christodoulos Patsalides was sworn in as Central Bank governor by President Nikos Christodoulides.