Breaking news

A Close Look at Cyprus’ Bank Deposit Rates: Comparing with the Eurozone

by News Editor

May 7, 2025

Recent data from the European Central Bank (ECB) and the Central Bank of Cyprus highlight an important aspect of the Cypriot financial landscape: deposit rates. Household deposit rates in Cyprus are notably lower than many eurozone counterparts, presenting an interesting financial environment for both residents and investors. In March, the interest rate for household time deposits up to one year was 1.41%, down slightly from February’s 1.51%.

Eurozone Comparisons

Cyprus’ rates rank among the lowest in the eurozone, with only Slovenia offering lower rates at 1.26%. Italy, on the other hand, leads with the highest rates at 2.71%, followed by Malta at 2.45%. This discrepancy shows that Cypriot households earn about half the interest compared to Italians for the same deposit amount.

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

Cyprus Real Estate Sales Surge in Early 2025: A Data-Driven Insight gives more context into financial trends in the region.

Impact on Businesses and Lending

Cyprus’ business deposit rates also saw a decline, with rates falling to 1.31% in March from 1.54% in February. In contrast, French businesses enjoy significantly higher returns at 2.56%. On the lending side, housing loan interest rates in Cyprus remained high at 4.56%, only slightly below the Netherlands’ 4.57%.

The Central Bank attributes part of this to the varied risks and compositions of mortgage portfolios, as explained in their recent reports.

For more insights, you can check out Moody’s Elevates Bank of Cyprus to A3 Rating, which discusses broader financial resilience in the region.

Trends in New Loans

Interestingly, total new loans surged in March, reaching €964.2 million—a substantial jump from the previous month. New housing loans specifically increased to €188.2 million, showing a robust market activity despite the low deposit rates.

The Future Forbes Realty Global Properties

Call for Reform: Cyprus Faces New Challenges with Emerging Tobacco Products

by News Editor

May 31, 2025

In the face of a burgeoning variety of tobacco products, existing smoking laws in Cyprus are struggling to keep pace, as highlighted by Christos Minas, the president of the Cyprus National Addictions Authority (AAEK). On World No-Tobacco Day, there was a push for legislative reforms to comprehensively cover all tobacco forms, including non-nicotine alternatives.

Addressing Rising Trends with Effective Policies

Minas emphasized the surge in popularity of e-cigarettes and flavored products, particularly among the youth. The proposed legal updates aim to enhance enforcement efficiency against these emerging trends.

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

In collaboration with the World Health Organization’s (WHO) framework, the AAEK has established the first set of national guidelines for smoking cessation in Cyprus, crafting prevention and treatment strategies based on robust scientific evidence.

Educating Youth and Public Awareness Initiatives

Efforts are underway to raise awareness, with informative materials distributed to secondary schools across Cyprus. A public event in Nicosia highlighted the state’s ongoing commitment, providing carbon monoxide testing and expert advice on new tobacco products.

Recent data from the Cyprus general population survey 2023 indicates that 38% of smokers have used e-cigarettes recently, and the smoking initiation age remains at 18.

A Glimpse into Youth Smoking Patterns

According to the latest European school survey, 14% of Cypriot students aged 15-16 reported smoking traditional cigarettes last month. Although this rate is declining, Cyprus still ranks high in Europe for e-cigarette and hookah use among students.

The concern is global, with WHO reports showing over 37 million children aged 13-15 engage in tobacco use, driven by aggressive marketing in loosely regulated environments.

The urgency for reform is clear: before these trends solidify, proactive measures are necessary to protect future generations from potentially hazardous habits.