Where to find out voting details
Fact: People can learn where they will vote and about the procedure for voting at wtv.elections.moi.gov.cy and elections.gov.cy.
Cyprus authorities
CySEC welcomes report on money laundering progress
The Cyprus Securities and Exchange Commission (CySEC) welcomed the findings of a Moneyval report regarding progress made in addressing money laundering and terrorism financing. Moneyval is the Council of Europe’s committee of experts on evaluating anti-money laundering measures and the financing of terrorism. The report recognized Cyprus’s improved compliance with the Financial Action Task Force’s (FATF) regulations on new technologies and noted progress in enhancing compliance with non-profit organizations. Since November 2022, Cyprus has bolstered its regime for virtual asset service providers, with only a few minor deficiencies remaining, according to the report.
Cyprus government and banks piling-up cash
By end-February 2024, the government had accumulated cash deposits of over €3.5 billion at the Central Bank and €2.1 billion at commercial banks.
Cyprus banks: interest rate policies harming borrowers and savers
By December 2023, interest rates on Cyprus bank loans for house purchases had reached an average of 5.1%, compared with the average rate of 3.8% for other euro area countries. The average interest rate on Cyprus bank loans to corporations was 5.7% in December 2023, exceeding the euro area average of 5.1%. Cyprus banks had increased their profits by 600% to over €1.1 billion in 2023. The interest income of the two largest banks increased by €830 million between 2022 and 2023, mainly due to higher interest receipts from the ECB. Cyprus banks deposited around 35% of their assets at the ECB, earning from 2% to 4% in interest in 2023. Cyprus banks offered an average interest rate of 2.06% on fixed term deposits in January 2024, compared with an average deposit rate of 3.21% in the euro area. The net interest margins for Cyprus banks exceeded three percentage points, while the average for the euro area was just over one percentage point. The Bank of Cyprus announced that €112 million of their after-tax profit of €487 million would be distributed as cash dividends to shareholders, with a share buyback of up to €25 million.
Cyprus on alert after record migrant arrival
The Cyprus authorities are on high alert due to fears of a potential surge in migrant arrivals by sea from Lebanon and Syria, following the largest arrival recorded in recent years on Monday. A total of six boats carrying 458 migrants onboard were spotted on Monday, with authorities saying that measures are being taken at various levels to prevent further influxes. According to a police report, the first boat was carrying a total of 30 people: 18 men, 3 women, 7 children, and 2 unaccompanied children. Onboard the second boat, there were 24 individuals: 14 men, 3 women, 5 children, and 2 unaccompanied. The third boat had 62 people: 36 men, 6 women, 11 children, and 9 unaccompanied children. The fourth boat had 37 individuals: 14 men, 4 women, 18 children, and 1 unaccompanied child. The fifth boat had 22 people: 14 men, 1 woman, 3 children, and 4 unaccompanied children. In the sixth boat, there were 283 individuals: 162 men, 27 women, 79 children, and 15 unaccompanied children. Police have made two arrests so far, a 31-year-old from Lebanon and a 23-year-old from Syria, who are alleged to be navigating the boat with 283 individuals. The suspects appeared before the Famagusta District Court on Tuesday, where they were detained for eight days. The six boats were detected off Cape Greco by the Republic of Cyprus radars on Monday afternoon. Four Coast Guard and Naval Police vessels were immediately mobilised. After a lengthy operation, the migrants were gradually transported to the Ayia Napa Marina. During their statements to the police, migrants reported that the six vessels departed from the shores of Lebanon, and each person paid ,500-3,000 to unknown people.