The Cyprus Information Technology Enterprises Association (CITEA), a prominent entity within the Employers and Industrialists Federation (Oev), has unveiled its newly elected board of directors for the 2026–2027 term following its annual general meeting.

Key Leadership Appointments

George Malekkos of GM Powersoft Insights has been appointed president, affirming his position as a visionary leader in the tech industry. IBM’s Antonia Michael was selected as vice president, reinforcing the board’s commitment to innovation and strategic growth.

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

Diverse Expertise Across the Industry

The new board panel comprises distinguished professionals representing a broad spectrum of the technology and professional services landscape. Notable members include Nikos Kaisis of AA AcenetWorks, Michalis Michael of AC Goldman Solutions, Aris Anastasiadis of Advance Business Solutions, Andreas Kasiouris of Ath Loizou, and Stelios Kolou of AT Multitech.

Further extending its industry reach, the board also welcomes Stavros Theofilou of Blue Sun Automation, Michalis Nicolaou of CDMA Services, Elena Strouthou of Cocoon Creations, Alexandros Makrygiannis of Cyta, and Angelos Kountouris of Cytacom.

Expert Insights And Strategic Collaboration

Adding to the board’s strategic expertise, representatives from leading consulting and audit firms—Michalis Ziniaris of Deloitte, Minos Georgakis of PwC, and Thomas Hoplaros of Simplex—will further strengthen CITEA’s influence. At the public segment of the meeting, Themis Papasolomontos, deputy director of the Department of Industry and Technology, delivered remarks on behalf of the Minister of Energy, underscoring the collaborative synergy between the ministry and CITEA. Oev President Giorgos Pantelides also emphasized the association’s pivotal role within the federation.

Looking Forward

The ceremony concluded with outgoing President Dimitris Nisiotis reflecting on the board’s significant contributions over his tenure, highlighting key initiatives and collaborative successes that have defined CITEA’s robust role in supporting its member community. As the association embarks on a new chapter, the fresh board is poised to drive further advancements in Cyprus’s technology sector.

Overview Of The Debate

The ongoing discourse in Parliament has taken a new turn as political factions spearhead proposals to levy additional taxes on banks, aiming to capture the extraordinary profits these institutions have generated in recent years. Two parties have taken differing legislative approaches, each proposing a tailored fiscal measure set to be scrutinized before Parliament’s dissolution in April, amid expectations of early May elections.

AKEL’s Proposal: An Extraordinary Solidarity Levy

AKEL advocates for an extraordinary solidarity levy targeting banks for the fiscal years 2025-2026. The measure seeks to impose a 40% charge on the increment of net interest income compared to the benchmark year of 2022—the year that marked the rise in interest rates. In effect, approximately 20% of total banking profits would be subject to additional taxation, with generated revenues earmarked for the State General Fund. According to the proposal, these funds would later support targeted initiatives such as subsidizing new and existing mortgage loans and providing relief to vulnerable borrowers. More details can be found in AKEL’s outline of the solidarity levy.

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

ELA’s Proposal: Revising The Special Bank Tax

In contrast, ELA (ΕΛΑΜ) has tabled a legislative amendment aimed at revising the framework of the current special bank tax. The proposal recommends raising the tax on total deposits from 0.00375% to 0.07%. ELA defends this adjustment as both equitable and fiscally advantageous, arguing that it will foster a fairer redistribution of the financial sector’s returns, while concurrently reinforcing public finances.

Political Dynamics And Anticipated Challenges

Despite the robust fiscal rationale behind these proposals, both measures face significant headwinds. Parties such as DISY and DIKO, consistent with their previous coalitions on similar issues, are likely to align against these proposals. Moreover, the Ministry of Finance, the Central Bank, and the Bankers’ Association have already expressed reservations, indicating complex negotiations ahead as these proposals await review by the Parliamentary Committee on Economic Affairs prior to a full Assembly vote.

Conclusion

The contrasting initiatives from AKEL and ELA underscore a broader debate on how best to harness bank profits for public benefit. As discussions progress, the outcome will not only shape the national fiscal landscape but may also set a precedent for future fiscal policies in the financial sector.

Overview Of Wage Growth

The latest preliminary figures from the Cyprus Statistical Service indicate that median monthly earnings have experienced an annual increase of 4.3% in Q3 2025. The current median gross monthly wage stands at €2,452, up from €2,352 during the corresponding period in 2024. This sustained upward trend highlights the strengthening of incomes in the labor market, bolstered further by a quarter-on-quarter rise of 0.7% (seasonally adjusted) from Q2 2025.

Gender Disparities And Earnings Breakdown

A detailed breakdown by gender reveals notable differences in wage levels. Men now earn a median of €2,622, whereas women earn €2,238. Although the annual increase is 3.8% for men, the rate for women stands higher at 4.9%, suggesting a narrowing gap as women’s earnings continue to rise at a more accelerated pace.

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

Distribution Across Wage Brackets

Analyzing wage distribution further, the majority of male employees (41.3%) are clustered in the €1,500–€2,999 range. In contrast, the leading segment for female employees (40.5%) falls below €1,500. This segmentation underlines the importance of targeted economic policies to support lower-earning groups and drive more balanced income growth.

Impact Of Citizenship On Earnings

When viewed through the lens of citizenship, the wage stratification diverges significantly. Among Cypriot employees, 43.9% fall within the €1,500–€2,999 range. Conversely, a notable 49.1% of non-Cypriot employees earn below €1,500. In the upper echelon, 3.8% of Cypriot workers earn €6,000 or more compared to 7.6% of their non-Cypriot counterparts. These differences call attention to the diverse factors impacting wage structures within different segments of the workforce.

In conclusion, Cyprus’ labor market continues to evolve, demonstrating steady wage increases amid shifting demographic patterns. The emerging trends provide critical insights for policymakers and business leaders alike, as they navigate a rapidly transforming economic landscape.

Robust Growth In November

Cyprus experienced a significant boost in tourism revenue in November 2025, with total receipts reaching €168 million. This figure represents a remarkable 21.1% increase from November 2024’s revenue of €138.70 million, according to the latest report from the Cyprus Statistical Service.

Year‐Over‐Year And Cumulative Performance

The strong performance in November is a key indicator of the sector’s recovery and long‐term expansion. For the period spanning January to November 2025, tourism revenue has soared to an estimated €3.6 billion, a notable jump from €3.12 billion in the same period last year. This annual increase of 15.3% underlines the resilience and growth potential of Cyprus’s tourism industry.

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

Changing Consumer Spending Patterns

Despite the impressive overall revenue, the average expenditure per tourist dropped to €716.00 in November 2025 from €771.02 in November 2024, marking a 7.10% decline in per capita spending. This shift indicates evolving consumer behavior, possibly driven by changes in travel preferences or budget considerations.

Key Market Highlights

British tourists continue to dominate Cyprus’s visitor landscape, representing 22.70% of total arrivals and spending an average of €87.68 per day. Following closely, Polish travelers account for 13.20% of tourists, with average daily spending at €82.97. Notably, Israeli visitors, although forming a smaller portion at 11.40% of arrivals, lead in expenditure with an impressive average of €168.90 per day.

Conclusion

The data underscores a dynamic recovery in Cyprus’s tourism sector, characterized by substantial revenue gains and shifting expenditure trends. As market conditions evolve, stakeholders across the tourism value chain will need to adapt to sustain growth and capitalize on emerging opportunities.

In a decisive address at the Eurochambres presidency meeting hosted by the Cyprus Chamber of Commerce and Industry (KEVE) in Nicosia, President Nikos Christodoulides outlined an ambitious blueprint for business, trade, and competitiveness. Speaking before a distinguished audience representing over 1,700 local chambers throughout the European Union, he linked Cyprus’s strategic priorities directly with the broader interests of European businesses, particularly as Cyprus embarks on its Presidency of the Council of the European Union.

Forging a Robust Partnership With Business Leaders

President Christodoulides emphasized that forging close ties with the business community is essential at this critical juncture. “Your presence here, especially just weeks after assuming the EU Council Presidency, signifies our commitment to reinforcing a dynamic and competitive Europe,” he asserted. He described Eurochambres, which encapsulates more than 20 million companies, as the leading institutional partner underpinning the economic direction of the EU.

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

Pioneering Strategic Trade Initiatives

Turning his focus to trade and investment, the President announced a high-profile visit to India scheduled for May. This engagement, featuring key economic hubs such as New Delhi and Mumbai, is designed to solidify Cyprus’s position as a vital link between India and the EU. “The Prime Minister of India’s invitation marks a pivotal development,” he remarked. The visit will include a dedicated business delegation and an organized forum aimed at enhancing commercial relations, further underscoring Cyprus’s strategic importance as an entry point to the EU’s single market of 450 million consumers.

Enhancing Competitiveness in an Unstable Global Landscape

Against the backdrop of global uncertainty, President Christodoulides reinforced the notion that economic strength must be paired with geopolitical clout. He noted that recent events, including the challenges stemming from the conflict in Ukraine, have underscored the imperative of stable and reliable policies. Emphasizing that “economic strength is inseparable from geopolitical relevance,” he advocated for regulatory reforms designed to reduce administrative burdens and streamline processes through measures like the Omnibus Simplification Packages.

Expanding Regional Engagement and Resilience

The President also spotlighted the strategic significance of the EU’s southeastern neighborhood and the Gulf region, noting recent diplomatic and economic initiatives, including engagements in Bahrain. “Our focus on this region is vital because it directly impacts Europe’s long-term security and prosperity,” he explained. He also showcased Cyprus’ robust economic performance—achieving one of the highest growth rates in the eurozone, significant improvements in unemployment figures, and enhanced public finances—as a testament to the nation’s reform momentum and resilience.

Commitment To Delivering European Success

Concluding his address, President Christodoulides reaffirmed Cyprus’s dedication to a proactive and confident European agenda. “Our Presidency is not only a responsibility but also an opportunity to deliver enduring value for Europe and its citizens,” he declared. By linking internal reforms with broader European ambitions, he positioned Cyprus as a beacon of economic success and resilience in an ever-evolving global landscape.

Overview Of December Financial Trends

Recent data released by the Central Bank of Cyprus (CBC) underscores a strong performance in the nation’s monetary market. The report, detailed in the CBC’s Monetary and Financial Statistics January 2026 edition, shows that the annual growth rate for deposits reached 6.50 percent while loans increased at an annual rate of 10.70 percent in December 2025.

Deposits Performance And Seasonal Influences

Total deposits witnessed a net increase of €877.10 million in December 2025, a notable rise from the €330.80 million increase recorded in November 2025. The aggregate deposit base reached €58.70 billion by year’s end. This growth, which recorded an annual rate of 6.50 percent—the slight downbeat from November’s 6.70 percent—is largely attributed to seasonal influences. Notably, Cyprus residents contributed a significant increase of €948.30 million, with household deposits rising by €622.30 million. Deposits by non-financial corporations and other domestic sectors added €51.20 million and €274.80 million, respectively.

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

Robust Expansion In Loan Portfolios

The loan segment demonstrated an even more vigorous performance. Total loans saw a net increase of €587.20 million in December 2025, compared to just €71.50 million in November. This surge boosted the outstanding loan balance to €27.10 billion, while the annual growth rate edged up to 10.70 percent from 10.50 percent the previous month. Disaggregated data indicates that loans to Cyprus residents increased by €250.50 million. Specifically, household loans grew by €113.00 million, and lending to non-financial corporations expanded by €150.10 million, albeit with a modest overall decline of €12.60 million in loans to other domestic sectors.

Implications For The Monetary Landscape

The findings illuminate a dynamic and evolving monetary landscape in Cyprus, where both deposit and lending activities are moving in tandem with economic cycles influenced by seasonal trends. This robust financial performance not only reflects increased confidence among households and businesses but also sets the stage for a more resilient banking sector moving forward.

Strengthening Consumer Protection As A Cornerstone

At a critical juncture for the future of Europe’s Single Market, Minister Michalis Damianos, Cyprus’ Minister of Energy, Commerce and Industry, delivered a persuasive address at the IMCO committee meeting held in Brussels. Collaborating with Deputy Minister for Research, Innovation and Digital Policy, Nikodimos Damianou, Mr. Damianos underscored that consumer protection is the bedrock of the Single Market and must be maintained at an exemplary level. He reaffirmed Cyprus’ commitment to ensuring robust safeguards and fair practices that fortify public trust and drive healthy economic competition.

Addressing The Challenges Of A Transforming Europe

The minister articulated that Cyprus is taking the presidency amid an era marked by geopolitical uncertainty, intensifying global competition, and rapid technological transformation. These forces, he noted, are exerting unprecedented pressure on Europe’s economic model. Consequently, the Cypriot Presidency pledges to deliver a clear, coordinated, forward-looking response that will fortify the Single Market against fragmentation, uneven rule enforcement, and bureaucratic complexity.

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

Realizing The Full Potential Of The Single Market

According to Mr. Damianos, the Single Market represents Europe’s most significant economic achievement and one of its most vital strategic assets. However, its full potential is constrained by persistent barriers. To counter these challenges, the Presidency will focus on enforcing existing rules, eradicating unnecessary impediments, and creating a predictable business environment that benefits both enterprises and consumers. He emphasized that a smooth-running market is integral to fostering innovation and driving sustainable growth, particularly for small and medium-sized enterprises (SMEs).

Innovative Measures For A Digital Future

Highlighting the importance of adapting to a digitally transforming market, the minister pointed to plans for an electronic declaration system aimed at streamlining administrative processes. This initiative is designed to mitigate obstacles related to diverse national requirements while protecting workers’ rights and ensuring transparent enforcement of regulations. The digital interface is expected to enhance operational efficiency and support fair competition, both online and offline.

Advancing The Consumer Agenda 2030

Mr. Damianos also addressed the imperative of advancing the Consumer Agenda 2030, as introduced by Commissioner Márc MacGrath. The proposed agenda is intended to confront emerging challenges fueled by global political shifts and technological progress. Key priorities will include bolstering the protection of vulnerable consumer groups such as minors, and maintaining high standards of information and safety – measures critical to upholding the integrity of the Single Market.

A Commitment To Cooperation And Clear Regulation

Emphasizing the need for simplicity and clarity in regulation, the minister stressed that the Cypriot Presidency is dedicated to promoting well-designed, balanced rules that empower businesses to innovate while safeguarding consumer interests. By fostering enhanced collaboration between national authorities and leveraging digital tools for market oversight, Cyprus intends to ensure a uniformly competitive and secure environment for all market participants.

Conclusion

Concluding his address, Mr. Damianos expressed the Presidency’s readiness to work in close partnership with the European Parliament and the IMCO committee. The goal is unmistakable: to deliver a Single Market that is fair, competitive, and resilient, thereby benefiting consumers, businesses, and citizens throughout the European Union.

SEC Dismisses Legal Action Against Gemini

The Securities and Exchange Commission has formally withdrawn its lawsuit against Gemini, the prominent crypto exchange founded by twins Cameron and Tyler Winklevoss. The move follows a joint court filing in which both the regulator and Gemini sought dismissal of the case that centered on the collapse of the Gemini Earn investment product, a debacle that left investors without access to their funds for 18 months.

Settlement And Regulatory Reassessment

In a significant development, a 2024 settlement between New York and Gemini ensured that investors recovered one hundred percent of their crypto assets loaned through the Gemini Earn program. The legal reprieve comes on the heels of actions initiated by New York Attorney General Letitia James, who accused Gemini of defrauding investors.

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

Political Backdrop And Industry Implications

This dismissal reinforces a broader trend of regulatory leniency toward the crypto sector noted during the Trump administration, which saw the SEC dismiss, pause, or reduce penalties in more than 60 percent of its pending crypto lawsuits. Meanwhile, Gemini’s recent public offering filing underscores its ambitions to solidify its status as a major player in the evolving digital asset market.