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Bank Of Cyprus Named Best Foreign Exchange Bank in Cyprus for 2025

The Bank of Cyprus has once again cemented its leadership in the financial sector, earning the title of Best Foreign Exchange Bank in Cyprus for 2025 by Global Finance’s prestigious Gordon Platt Foreign Exchange Awards. This recognition underscores the bank’s commitment to innovation, seamless digital banking solutions, and outstanding customer service.

A Digital-First Approach To FX Services

This accolade follows the successful rollout of eFX Convert, a cutting-edge digital currency exchange service launched in 2024. Designed to provide real-time exchange rates with no hidden fees, eFX Convert reflects the bank’s broader strategy of leveraging technology to enhance financial services. Customers can now convert currencies instantly through the Bank of Cyprus’ digital channels, ensuring efficiency, accuracy, and security in their transactions.

The service allows real-time conversions in a wide range of currencies, eliminating additional commissions and providing extended trading hours—an offering unique among Cypriot banks. In addition, the bank’s Quick Accounts feature integrates live FX rates, enabling users to open USD or GBP accounts online and execute transactions at preferential rates without foreign exchange commission.

Recognition On The Global Stage

The award was presented at the Global Finance Foreign Exchange and Best SME Bank Awards Ceremony in London on 25 February, where leading financial institutions from around the world gathered to celebrate excellence in FX services. The selection criteria included transaction volume, market share, global reach, customer service quality, competitive pricing, and technological innovation.

The Growing Role Of FX In Corporate Strategy

The Bank of Cyprus’ recognition comes at a time when FX management is more critical than ever. With global trade facing heightened volatility due to geopolitical shifts, fluctuating interest rates, and emerging trade barriers, businesses are placing greater emphasis on sophisticated FX solutions. According to market analysts, FX trading volumes have surged post-pandemic, reaching daily records of over $7.5 trillion in 2024, with projections indicating continued growth.

To stay ahead, financial institutions are increasingly turning to AI-driven analytics, algorithmic trading, and automated FX hedging strategies. As a leader in Cyprus, the Bank of Cyprus is positioning itself at the forefront of these advancements, offering tailored FX solutions that help businesses mitigate risk and optimize international transactions.

About Global Finance

Founded in 1987, Global Finance is a leading authority in international financial analysis, with readers in 188 countries. Its awards set the benchmark for excellence in banking, investment, and financial services. The Gordon Platt Foreign Exchange Awards honors institutions that demonstrate superior expertise in the FX market, ensuring businesses and investors can confidently navigate the complexities of global currency exchange.

By securing this award, the Bank of Cyprus not only reaffirms its dominance in the Cypriot banking landscape but also solidifies its reputation as a forward-thinking financial institution ready to meet the evolving demands of modern FX markets.

Cyprus Faces Persistent Labour Shortages Across Healthcare, Technology And Tourism

Cyprus is facing a widening labour market mismatch, with 63 occupations in shortage and 11 in surplus in 2024, according to the EURES Labour Shortages and Surpluses Report 2025.

The findings highlight continued recruitment challenges across several of the island’s key industries, particularly healthcare, technology and tourism.

Healthcare And Technology Face The Greatest Shortages

Healthcare occupations recorded some of the most severe shortages, including nurses, midwives, medical imaging technicians, general practitioners, specialist doctors, healthcare assistants and health and care services managers.

Demand also remains high for technology professionals. Employers reported shortages of information and communications technology sales specialists, systems analysts, software and applications developers, as well as web and multimedia developers.

Transport and hospitality occupations were also affected, with waiters and bus drivers among the professions experiencing shortages.

Tourism, Retail And Construction Continue To Feel The Pressure

Moderate shortages were identified across occupations linked to tourism, retail and construction. These include restaurant managers, retail and wholesale managers, accountants, electricians, electronics and mechanical technicians, chefs, shop sales assistants and cashiers.

Construction and industrial trades also remained under pressure. Builders, air conditioning and refrigeration technicians, welders, heavy goods vehicle drivers, cleaners and workers in agriculture, livestock, fisheries and construction-related services were all listed among occupations facing shortages.

Lower-severity shortages were recorded for engineers across several disciplines, hotel receptionists, cooks, carpenters, plumbers, electrical fitters, bakers and kitchen assistants.

Cyprus Reflects A Wider European Trend

Cyprus mirrors a broader labour market imbalance across the European Union, although shortages vary significantly between member states. Bulgaria, Italy and the Netherlands reported shortages across a wide range of occupations, from doctors to welders, with 57% classified as moderate or severe. Latvia, Austria and Finland, by contrast, recorded more labour surpluses, particularly in administrative and creative occupations.

According to the report, 98% of occupations experiencing shortages in at least one member state also recorded surpluses elsewhere in the European Union.

Structural Barriers Continue To Limit Labour Mobility

EURES attributes these imbalances to several structural factors, including limited awareness of job opportunities abroad, difficulties in recognising professional qualifications, language barriers and wage differences between countries.

Healthcare and social care remain among the sectors facing the greatest shortages across Europe, driven by ageing populations and growing demand for healthcare services.

Demand is also increasing for technical occupations linked to the green transition, including electricians, plumbers and roof technicians, as countries continue investing in energy efficiency and infrastructure.

Measures Proposed To Address Labour Gaps

The report recommends strengthening labour mobility across the European Union by simplifying the recognition of professional qualifications and reducing administrative barriers. It also calls for improvements in job quality, greater investment in vocational education and training, and measures to encourage higher labour market participation among women, older workers and migrants.

The findings are based on administrative data submitted by EURES National Coordination Offices for 2024, drawing on information from public employment services and other national sources across the European Union.

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