Breaking news

Strategic Initiatives Propel Cultural And Infrastructure Advancements In Limassol

by THEFUTURE.TEAM

October 10, 2025

Coordinated Efforts For Urban Transformation

A high-level meeting on Monday brought together representatives from Public Works, the Undersecretariat of Culture, and the Lemesos Municipality, including Mayor Giannis Armeftis. This forum focused on two pivotal projects set to redefine the city’s landscape: the expansion of the Archaeological Museum and the advancement of the Northern Bypass initiative. The gathering was instrumental in synchronizing strategic actions aimed at delivering transformational infrastructure and cultural projects that will enhance the daily life of Lemesos’ residents.

Archaeological Museum Expansion

Mayor Armeftis detailed the vision for the Archaeological Museum, emphasizing its historical significance and the need for a modern update. Previously, multiple proposals were considered for a new location, ranging from site relocation to coastal integration. Ultimately, the municipality opted to retain the museum’s original site. The museum’s eastern section, positioned opposite the former “Kourio” hotel, is preserved as a historic structure from 1974. The expansion plan involves the demolition of the rear extension, thereby enabling additional space while considering a potential aerial extension over the adjacent street to accommodate municipal green services.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

This innovative design not only creates a tangible connection between the Archaeological Museum and the Civic Garden but also establishes an iconic structure that seamlessly integrates with the adjacent historical archive and municipal green offices. A detailed review of the existing space is underway, with plans for a subsequent meeting in two months to determine the appropriate competitive tender process. The mayor underscored the Council’s preference for an international architectural competition, ensuring that global expertise informs the project’s exquisite design.

Northern Bypass Project And Traffic Optimization

The Northern Bypass, a critical infrastructural venture stretching approximately 1,800 meters, was also discussed at length. This marks the third meeting this year regarding the project. Mayor Armeftis revealed that the Technical Authority (EOA) has finalized the construction plan for the central rainwater channel, designed to divert the Agia Fylas river towards the Garlylli river. Following the transition of plans to the relevant stakeholders, Public Works is set to develop the detailed construction blueprints, with the project anticipated to reach a tender-ready phase within six months.

In addition to major construction projects, the meeting addressed recurring traffic challenges affecting critical intersections. Notable proposals include enhancing ingress and egress on the highway via Kostis Palamas and Ellis Lambeti roads through advanced traffic simulation studies and the design of a new roundabout to improve circulation between Evangelos Lanitis and the 1st of April streets. The mayor pointed out that existing parking areas restrict road widths, resulting in single-lane operations on roads intended for two-way traffic. Similar congestion issues in the Mesha Neighborhood further underline the necessity for these interventions.

These coordinated initiatives reflect Lemesos’ commitment to not only preserve its cultural heritage but also to evolve its urban infrastructure in a way that meets both current and future needs.

The Future Forbes Realty Global Properties

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.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

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.