Central Bank Governor Highlights Limited Competition In Cyprus’s Banking Sector

by News Editor

February 28, 2025

“Competition in the banking sector is limited, resembling an oligopoly more than perfect competition,” says Christos Patsalides, the Governor of the Central Bank of Cyprus. He noted that current legislation restricts the CBC from supervising interest rates or bank charges.

Challenges Unique To Cyprus

Governor Patsalides cited that the small size of Cyprus’s economy often causes delays in interest rate adjustments. “Unlike in Europe’s major economies, our prices move slower,” he remarked to Parliament on February 27.

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Lending rates in Cyprus are notably higher compared to other Eurozone countries, attributed to this limited competition. However, new loans are increasing yearly, reaching a substantial €4.5 billion in 2024.

Liquidity And Lending Restrictions

Patsalides pointed out that Cyprus banks flaunt the highest surplus liquidity in the Eurozone, a significant improvement from the liquidity deficit observed during the 2013 crisis. However, stringent lending restrictions by the ECB mean loans require clear proof of repayment capability.

Looking Forward

Patsalides referenced a recent Central Bank circular that nudges banks to consider their operating environment when setting their pricing policies, reminding them to factor in reputational risks.

The Future Forbes Realty Global Properties

The Rocks Project Advances Through Licensing Process In Pentakomo

by THEFUTURE.TEAM

June 5, 2026

Overview Of The Ambitious Development

A large tourism development in Pentakomo is moving through the licensing process. Known as The Rocks Project, the proposal includes a hotel, villas, apartments and a beach club along the coast east of Limassol.

Strategic Location And Broader Impact

Located along the coastal corridor between Limassol and Zygi, the project would form part of the wider Governor’s Beach area. The site is situated near several state and energy infrastructure facilities, including the Evangelos Florakis Naval Base in Mari, making it subject to additional planning and regulatory considerations.

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Master Plan And Key Infrastructure

Situated within the administrative boundaries of Pentakomo, the development is planned for the coastal area of Argaki Tou Mavrou. The project is being promoted by DRL5COMOS Properties Ltd and is supported by an environmental impact assessment prepared by P. Nikolaidis & Associates Ltd. The assessment is available for public consultation until July 3, 2026.

According to the master plan, operations are expected to begin in 2029. Plans include a 14,000-square-metre hotel with 126 rooms, a 900-square-metre spa and wellness centre, restaurants and dining facilities, 26 villas, 73 apartments and penthouses, and a 1,050-square-metre beach club with indoor and outdoor leisure areas. Parking facilities for 240 vehicles are also included in the proposal.

Integration With The Existing Landscape

The development plan allocates 12% of the site to public green space and includes an internal road network. Project documents indicate that several existing structures, including the Kalymnos Fish Tavern and current beach facilities, would be demolished as part of the redevelopment.

Regulatory And Institutional Considerations

The licensing process is ongoing and includes consultations with relevant local and government authorities. Comments submitted by the Ministry of Defence have not been made public due to the site’s proximity to the naval base. Those observations are expected to be reviewed by the environmental impact assessment committee during closed sessions.

Conclusion

With its carefully structured vision and strategic positioning, The Rocks Project promises to be a significant catalyst for economic and social growth in eastern Limassol. As it advances through the regulatory process, stakeholders remain focused on ensuring that this landmark development meets the highest standards of design, sustainability, and community integration.

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