Modernizing Limassol: A Bold Vision For Urban Renewal

by THEFUTURE.TEAM

September 22, 2025

Limassol Mayor Yiannis Armeftis has unveiled an ambitious plan to revitalize the city center and coastal front. In a comprehensive proposal submitted to Interior Minister Constantinos Ioannou, the Mayor outlined projects that could reshape public spaces while fostering university, cultural, and environmental development.

Comprehensive Urban Redesign

The proposal calls for a holistic regeneration of critical urban arteries, including Aktaia Odos. As part of this initiative, the relocation of Karnagio—a key player in ship repair and maintenance amid rising demand across Cyprus’ marinas—is considered essential. The envisioned transformation aims to replace high-capacity road infrastructure with a pedestrian-friendly promenade that unifies the port and city centre, emphasizing public accessibility and sustainability.

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Revitalizing Iconic Landmarks

The plan includes innovative re-purposing of significant state-owned properties. The Old Hospital site is slated to become a dynamic hub that integrates administrative functions with academic pursuits. At the same time, the central police station building may be transformed into a state-of-the-art conference centre. A 42,000-square-metre plot adjacent to these facilities is expected to transition into mixed-use developments, including a large urban square connecting the historic Water Tower with the Technical University of Cyprus.

Integrative Transportation And Sustainability Measures

In pursuit of a cleaner and more efficient urban landscape, the redeveloped coastal zone will prioritize pedestrian and public transport access, with innovative transit solutions under evaluation. Planned initiatives include a seabed and beach clean-up to ready the area for recreational use and a reassessment of traffic management, such as one-way systems along critical routes, to alleviate congestion.

Collaborative Initiatives And Future Prospects

Collaboration stands at the core of this transformation, with three major universities—the University of Cyprus, the Technical University of Cyprus, and Frederick University—poised to provide essential expertise in urban planning and spatial design. The design of a new coastal front will be determined via a competitive architectural process, ensuring that public spaces not only meet modern standards but also enrich the city’s cultural and historical identity.

Additional projects include the creation of an Information Centre at the revamped old GSO stadium and the launch of a Sports Museum in the multifunctional park, efforts aimed at showcasing the city’s commitment to innovation and heritage preservation. In the words of Mayor Armeftis, the overarching goal is to develop quality public spaces that elevate the urban experience for all citizens of Limassol.

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Central Bank Of Cyprus Balance Sheet Reflects Strong Eurosystem Position

by THEFUTURE.TEAM

February 17, 2026

Overview Of Financial Stability

The Central Bank of Cyprus (CBC) has released its latest balance sheet, reaffirming its steadfast role within the Eurosystem. The balance sheet, featuring total assets and liabilities of €29.545 billion, underscores the institution’s stable financial posture at the close of January 2026.

Asset Allocation And Strategic Holdings

Governor Christodoulos Patsalides issued the balance sheet, which details the CBC’s asset composition under the Eurosystem framework. Notably, the bank’s gold and gold receivables amounted to €1.635 billion, providing a significant hedge and stability to its balance sheet. Additional asset categories include claims on non-euro area residents denominated in foreign currency at €1.099 billion, while claims on euro area residents in both foreign and domestic currency add further depth to its portfolio.

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The most substantial asset category, intra-Eurosystem claims, reached €19.438 billion, an indication of the CBC’s deep integration with its European counterparts. Furthermore, euro-denominated securities held by euro area residents contributed €6.587 billion. Despite a marked emphasis on these areas, lending to euro area credit institutions in monetary policy operations recorded no activity during the period.

Liability Structure And Monetary Policy Implications

On the liabilities side, banknotes in circulation contributed €3.218 billion. Liabilities to euro area credit institutions associated with monetary policy operations were notably the largest single category, totaling €17.636 billion. Supplementary liabilities included those to other euro area residents, which aggregated to €4.989 billion, with government liabilities playing a predominant role at €4.754 billion.

Other liability items, such as claims related to special drawing rights allocated by the International Monetary Fund at €494.193 million, and provisions of €596.571 million, further articulate the CBC’s exposure. Revaluation accounts stood at €1.643 billion, and overall capital and reserves were confirmed at €333.822 million, completing the picture of a well-capitalized institution.

Conclusive Insights And Strategic Alignment

The detailed breakdown illustrates the CBC’s sizeable intra-Eurosystem exposures, reinforcing its central role within Europe’s monetary landscape. With an asset-liability balance maintained at €29.545 billion, the CBC’s financial position remains robust, indicating a commitment to structural stability and strategic risk management.

This fiscal disclosure not only provides transparency into the CBC’s operations but also serves as a benchmark for comparative analysis among other central banks within the Eurosystem, highlighting the intricate balance between asset liquidity, regulatory oversight, and monetary policy imperatives.

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