Bank Of Cyprus Secures Fourth Consecutive STP Award

by THEFUTURE.TEAM

January 26, 2026

Exemplary Automation In Fund Transfers

The Bank of Cyprus (BoC) has once again demonstrated its commitment to operational excellence by being awarded the prestigious ‘STP AWARD 2025’ by the Bank of New York for the fourth consecutive year. This accolade recognizes BoC’s high-quality procedures in managing fund transfers through the SWIFT system, with an impressive 98 percent of payments being processed via Straight Through Processing. Such efficiency underscores the bank’s expertise in reducing manual intervention in critical financial operations.

Strategic Collaborations Enhance Global Operations

In its strategic role, the Bank of New York serves as one of BoC’s key correspondent banks for US dollar transactions. This partnership not only attests to BoC’s robust internal frameworks but also reinforces its position within a global network of financial institutions. As noted by Despina Kyriakidou, BoC Treasury Director, the recognition from a major US financial institution is a testament to both the high operational standards and the international trust bestowed upon the bank.

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A Commitment To Excellence In Financial Services

Despina Kyriakidou further emphasized that the award reflects the high standards maintained by BoC and the reliability that international organizations have come to expect from the institution. The collaboration with the Bank of New York significantly enhances the comprehensive suite of banking and financial services offered to business, institutional, and individual clients, both in Cyprus and across global markets.

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Cyprus Hits Historic Tourism Peak As Overtourism Risks Mount

by THEFUTURE.TEAM

February 13, 2026

Record-Breaking Performance In Tourism

Cyprus’ tourism sector achieved unprecedented success in 2025 with record-breaking arrivals and revenues. According to Eurobank analyst Konstantinos Vrachimis, the island’s performance was underpinned by solid real income growth and enhanced market diversification.

Robust Growth In Arrivals And Revenues

Total tourist arrivals reached 4.5 million in 2025, rising 12.2% from 4 million in 2024, with momentum sustained through the final quarter. Tourism receipts for the January–November period climbed to €3.6 billion, marking a 15.3% year-on-year increase that exceeded inflation. The improvement was not driven by volume alone. Average expenditure per visitor increased by 4.6%, while daily spending rose by 9.2%, indicating stronger purchasing power and higher-value tourism activity.

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Economic Impact And Diversification Of Source Markets

The stronger performance translated into tangible gains for the broader services economy, lifting real tourism-related income and overall sector turnover. Demand patterns are also shifting. While the United Kingdom remains Cyprus’ largest source market, its relative share has moderated as arrivals from Israel, Germany, Italy, the Czech Republic, the Netherlands, Austria, and Poland have expanded. This gradual diversification reduces dependency on a single market and strengthens resilience against external shocks.

Enhanced Air Connectivity And Seasonal Dynamics

Air connectivity has improved markedly in 2025, with flight volumes expanding substantially compared to 2019. This expansion is driven by increased airline capacity, enhanced route coverage, and more frequent flights, supporting demand during shoulder seasons and reducing overreliance on peak-month flows. Seasonal patterns remain prominent, with arrivals building through the spring and peaking in summer, thereby bolstering employment, fiscal receipts, and corporate earnings across hospitality, transport, and retail sectors.

Structural Risks And Future Considerations

Despite strong headline figures, structural challenges remain. The European Commission’s EU Tourism Dashboard highlights tourism intensity, seasonality, and market concentration as key risk indicators. Cyprus records a high ratio of overnight stays relative to its resident population, signalling potential overtourism pressures. Continued reliance on a limited group of origin markets also exposes the sector to geopolitical uncertainty and sudden demand swings. Seasonal peaks place additional strain on infrastructure, housing availability, labour supply, and natural resources, particularly water.

Strategic Investment And Market Resilience

Vrachimis concludes that sustained growth will depend on targeted investment, product upgrading, and continued market diversification. Strengthening year-round offerings, improving infrastructure capacity, and promoting higher-value experiences can help balance demand while preserving long-term competitiveness. These measures are essential not only to manage overtourism risks but also to ensure tourism remains a stable pillar of Cyprus’ economic development.

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