Cyprus seeks rent scheme to tackle €3 bln NPLs

Cyprus and the EU are expediting the process to transform the state-owned Asset Management Company (KEDIPES) into a nationwide AMG to launch a mortgage-to-rent scheme. The scheme will cover non-performing loans collateralised

Toxic bank loans rise to 11.7%

The rate of non-performing loans in the Cyprus banking sector increased to 11.7% of total loans in January from 11.1% at the end of 2021, data released by the Central Bank of Cyprus on

Cyprus Equity Fund milestone for innovation

An agreement with the European Investment Fund to manage a new financial instrument to support startups and innovation is seen as a milestone in the government’s effort to enhance alternative financing. Finance

Hellenic Bank to make 350 staff redundant

Hellenic Bank, Cyprus’ second-largest commercial bank, is reducing its staff by some 300-350 people to bring down operating costs. According to news site Stockwatch, Hellenic’s CEO Oliver Gatzke has sent letters to

€15 mln for student halls in old Nicosia

The government will invest €15 mln in incentives for developers to build student accommodation in the old town of Nicosia to address a shortage in the capital, announced Interior Minister Nicos Nouris.

Car sales plunge 80% since 2019

Car dealers are frustrated with their turnover as they are forced to sit back helpless and watch the market crumble. According to the Cyprus Statistical Services data, passenger saloon cars registered in

Business confidence improves

Cyprus business seems to have discounted a doom-and-gloom fallout from the war in Ukraine, with economic sentiment for April improving by 2.8 points but still below the level before Russia’s invasion. The