15 h. ago Loan costs remain high in Cyprus while depositors see limited returns

The average interest rate for household time deposits up to one year in Cyprus stood at 1.16 per cent in the latest data published by the Central Bank of Cyprus, lagging behind the euro area average of 1.84 per cent. According to the CBC, the highest one-year household deposit rate among Cypriot banks was offered […]

Politics

5 d. ago Rate cut windfall for VTB may fund Russia’s state defence sector

Every 1 per cent cut in central bank interest rates gives Russia’s VTB Bank an extra 20 billion roubles ($250 million) in net profit, CFO Dmitry Pyanov told Reuters, which benefits the government as the state-owned lender plans to distribute 50 per cent of its profits via dividends – half of it to the state. […]

Politics

7 d. ago Kedipes ends interest subsidy scheme as rates and inflation fall

State-owned asset management company (Kedipes) announced this week that it has officially terminated its interest subsidy scheme for performing credit facilities indexed to the European Central Bank’s main refinancing rate, effective from July 1, 2025. The decision was taken by Kedipes’ board of directors, marking the end of a support plan that had been in […]

Politics

8 d. ago Cyprus house prices continue to rise in first quarter of 2025

The general house price index in Cyprus, which includes both houses and apartments, continued its upward trajectory on an annual basis during the first quarter of 2025, according to data published by the Central Bank of Cyprus (CBC). The increase came amid a slowdown in apartment price growth and a faster pace of increase in […]

Politics

8 d. ago Cyprus international investment position worsens in early 2025

Cyprus’ international investment position (IIP) deteriorated in the first quarter of 2025, recording a net liability of €31.01 billion compared to €29.18 billion in the fourth quarter of 2024. The figures are based on preliminary data for the first quarter of 2025 released by the Central Bank of Cyprus (CBC), covering the balance of payments, […]

Politics

8 d. ago Bank of Israel expected to hold rates, August cut seen as likely

The Bank of Israel is expected to leave short-term interest rates unchanged next week but analysts believe a cut is possible as early as August following a swift war with Iran that likely set back the Iranian nuclear programme. Ten of the 11 economists polled by Reuters said the central bank will keep its benchmark […]

Politics

1 week ago Central banks shift reserves from dollar to gold, euro and yuan

The custodians of trillions of dollars of global central bank reserves are eyeing a move away from the greenback into gold, the euro and China’s yuan as the splintering of world trade and geopolitical upheaval spark a rethink of financial flows. According to a report by the Official Monetary and Financial Institutions Forum (OMFIF), one […]

Politics

1 week ago Stablecoins fall short as sound money, warns central bank watchdog BIS

The Bank for International Settlements issued its starkest warning yet on the risks posed by stablecoins and urged countries to move rapidly towards the tokenisation of their currencies. The BIS, often dubbed the central bankers’ central bank, outlined its concerns, including stablecoins’ potential to undermine monetary sovereignty, transparency issues and the risk of capital flight […]

Events

2 w. ago Central Bank of Cyprus maintains 1.5 per cent capital buffer

The Central Bank of Cyprus (CBC) on Friday announced that it has decided to maintain the countercyclical capital buffer (CCyB) rate at 1.5 per cent. The CBC explained that, in accordance with the Macroprudential Oversight of Institutions Laws of 2015 to 2022, it deemed it appropriate to keep the buffer unchanged. “The countercyclical capital buffer […]

Politics

2 w. ago US banks set to pass Fed stress tests and boost dividends, say analysts

The biggest US lenders are expected to clear the Federal Reserve’s annual health check this year, showing they have ample capital that can be used to boost dividends, analysts said. The results of the central bank’s so-called “stress tests” on Friday will determine how much cash lenders would need to hold to withstand a severe […]

Politics

2 w. ago Cypriot banks strengthen capital buffers, ECB figures confirm

Cyprus’ banking sector recorded one of the highest profitability and capital adequacy levels in the European Union at the end of 2024, according to the European Central Bank (ECB). The figures revealed that Cypriot banks recorded the third-highest return on equity (RoE) across the EU at the end of December 2024, reaching 17.7 per cent. […]

Politics

2 w. ago Cyprus Business Now: GDP forecast, Finance Minister, CSE privatisation, CySEC

The Central Bank of Cyprus (CBC) on Friday made a slight downward revision to the country’s growth forecast for 2025, adjusting it to 3.1 per cent from 3.2 per cent in March. At the same time, a significant reduction in the inflation estimate was also recorded, now set at 1.5 per cent from the previous […]

Politics

3 w. ago Cyprus central bank launches programme to train financial educators

Central Bank of Cyprus (CBC) on Monday launched a new programme aimed at enhancing financial literacy among adults, with a strong focus on developing a network of trained educators across the country. The first two-day training session for trainers began at the CBC headquarters, forming part of a broader initiative to strengthen financial education through […]

Economics

3 w. ago Fed keeps rates steady but pencils in two cuts by end of 2025; Powell sees ‘meaningful’ inflation ahead

The US central bank held interest rates steady on Wednesday and policymakers signaled borrowing costs are still likely to fall in 2025, but Federal Reserve Chair Jerome Powell cautioned against putting too much weight on that view, and said he expects “meaningful” inflation ahead as consumers pay more for goods due to the Trump administration’s […]

Politics

3 w. ago Investors turn cautious as Middle East conflict intensifies and G7 talks stall

Wall Street opened slightly lower while oil and gold rose as Tuesday marked the fifth day of fighting between Israel and Iran, with the risk of a widening conflict dampening risk appetite in a week also packed with key central bank decisions. US President Donald Trump urged everyone to evacuate Tehran, cut short his visit […]

Economics

3 w. ago Fed begins policy meeting amid Middle East tensions and slowing US economy

Federal Reserve policymakers will begin a two-day meeting on Tuesday with escalating tensions in the Middle East risking a new commodity price shock and fresh US data expected to show a drop in retail sales and sluggish factory output in May. The US central bank is widely anticipated to leave its benchmark overnight interest rate […]

Events

4 w. ago Cyprus Business Now: shipping, film industry, Finance Minister, banks, tourism

Central Bank of Cyprus (CBC) governor Christodoulos Patsalides on Thursday urged Cypriot banks to remain “vigilant and adaptive” in the face of mounting global uncertainty, stressing their role as “pillars of trust and economic stability”. Speaking at the annual general meeting of the Association of Cyprus Banks (ACB), held at the Hilton Nicosia, Patsalides outlined key priorities for […]

Economics

4 w. ago Financial stability in Cyprus not to be taken for granted, warns CBC chief

Central Bank of Cyprus (CBC) governor Christodoulos Patsalides on Thursday urged Cypriot banks to remain “vigilant and adaptive” in the face of mounting global uncertainty, stressing their role as “pillars of trust and economic stability”. Speaking at the annual general meeting of the Association of Cyprus Banks (ACB), held at the Hilton Nicosia, Patsalides outlined […]

Events