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Bank Of Cyprus Crowned Best Foreign Exchange Bank In Cyprus For Digital Innovation

by THEFUTURE.TEAM

December 12, 2025

Recognizing Digital Leadership In FX Services

The Bank of Cyprus (BoC) has been distinguished as the ‘Best Foreign Exchange Bank in Cyprus’ at Global Finance’s prestigious Gordon Platt Foreign Exchange Awards. This accolade underscores BoC’s unwavering commitment to advancing digital foreign exchange services and exceptional client support.

Innovative Approach And Market Impact

Global Finance based its decision on robust metrics including transaction volume, market share, global outreach, competitive pricing, and customer service excellence. Evaluations blended quantitative data with expert insights from respected analysts, corporate executives, and technology specialists. The bank’s dynamic digital upgrade, particularly through its cutting-edge BOC eFX Convert platform, has been pivotal in capturing a broader client base. Notably, 2025 has witnessed a significant upsurge in user numbers and transaction volumes, with both established corporate clients and emerging organizations drawn to the platform’s superior performance.

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Tailored Financial Solutions For Business And Retail

BoC remains the island’s exclusive provider of real-time currency conversion services. Its comprehensive strategy for business clients features live pricing and extended operating hours via 1bank Internet Banking and the 1bank mobile app, available on weekdays from 7:30 am to 11:00 pm. At the same time, retail customers enjoy fintech-like benefits with the reliability of a longstanding banking institution.

Empowering Customers With Quick And Secure Access

The introduction of Quick Accounts for individual subscribers facilitates immediate account setup and instant Visa debit card issuance. Users can seamlessly convert currencies between the euro, sterling, and US dollar on a round-the-clock basis at real-time rates. Further, the facility to execute GBP and USD payments directly from Cyprus through SWIFT—combined with preferential pricing, commission-free FX, and special incentives for students—positions BoC as a leader in customer-centric financial innovation.

Global Recognition And Continued Excellence

Since its inception in 1987, Global Finance has cultivated a reputation for recognizing excellence among global financial institutions. With a presence spanning 188 countries and the FX awards named in honor of the influential Gordon Platt, this recognition solidifies BoC’s status as a forward-thinking institution addressing both traditional and emerging market needs.

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Cyprus Cuts Electricity VAT To 5% As Part Of 100 Fiscal Measures

by THEFUTURE.TEAM

March 30, 2026

President Nikos Christodoulidis announced a package of 100 fiscal measures to address inflation and reduce costs for households and businesses. Measures include tax cuts and targeted support. Plan focuses on energy prices, fuel costs and consumer spending. Implementation begins in 2026.

Broad-Based Tax Cuts And Immediate Relief

Among the suite of initiatives is a reduction in fuel tax, widely recognized as an effective short-term relief strategy. However, an even more significant policy step involves transferring savings directly to consumers via improved fiscal mechanisms. This approach ensures that the benefits of tax reductions are channelled efficiently to end users, reinforcing trust and stability in the market.

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Strategic VAT Reduction On Electricity

VAT on electricity will be reduced to 5% from May 1, 2026, to March 31, 2027. The rate was previously lowered from 19% to 9%. Electricity pricing remains regulated by the Public Electricity Company. Structure limits the impact of market-driven price increases.

Ensuring Market Stability And Consumer Protection

Alongside tax cuts, the government is monitoring potential increases in consumer costs, including fuel and products that may be considered for zero VAT. President Nikos Christodoulidis said market oversight will be strengthened, with measures aimed at preventing unjustified price increases.

Electricity price is about 26 cents per kilowatt-hour, down 14% compared to the same period in 2025. According to the Public Electricity Company, price increases in the coming months are expected to remain below 5%. Measures are designed to limit inflation pressures and support household costs. Impact will depend on market conditions and implementation.