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Cyprus Airports Break Passenger Traffic Records in 2024

by THEFUTURE.TEAM

December 9, 2024

Cyprus has recorded an all-time high in passenger traffic for 2024, with figures surpassing last year’s total by 30 November. The Ministry of Transport, Communications and Works announced that passenger volume is projected to grow by 5% compared to 2023, marking a significant milestone for the country’s aviation sector.

Transport Minister Alexis Vafeadis expressed his satisfaction with the remarkable results, highlighting the broader economic and tourism benefits.

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Unprecedented Passenger Numbers for November

November 2024 alone saw a record-breaking 715,231 passengers pass through Larnaca and Paphos airports — a 7.01% increase from the same month in 2023. This achievement represents the highest-ever performance for November.

From January to November 2024, passenger volume also hit a historic peak, registering a 5% increase year-on-year. Larnaca Airport experienced a 7.39% rise in passenger numbers, while Paphos Airport saw a 6.05% increase. Key source markets included the United Kingdom, Greece, Poland, Israel, and Germany. Air traffic at both airports grew by 4.89%, with a total of 6,309 flights recorded.

Growing Demand Presents New Challenges

The surge in passenger numbers presents what the Ministry described as a “pleasant problem” — managing the growing demand until necessary infrastructure investments are completed. Plans are underway to expand airport facilities to better accommodate the increased traffic.

Minister Vafeadis acknowledged the collective effort behind the success, extending gratitude to his team and key stakeholders, including the Deputy Ministry of Tourism and Hermes Airports Ltd. Their coordinated efforts to expand the country’s airline network and introduce new routes played a decisive role in achieving this growth.

“The addition of new airlines and routes has been a game-changer,” the Ministry noted, emphasizing the role of enhanced connectivity in driving passenger traffic growth.

With demand on the rise and investments in airport infrastructure in progress, Cyprus is well-positioned to sustain its role as a key regional aviation hub, further bolstering its economy and tourism sector.

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Compound Interest Practices Under Scrutiny In Credit Acquisition Lending

by THEFUTURE.TEAM

February 16, 2026

Compound Interest Practices Under Scrutiny

Finance Minister Makis Keravnos has raised significant concerns regarding the reputation of compound interest mechanisms in loans managed by credit acquisition firms. The minister underscored that this issue, which paints a problematic picture of escalating loan debt, remains a priority for review.

Data-Driven Analysis And Consultations

Speaking at the Ministry of Finance, Keravnos explained that the assessment relies heavily on data held by the Central Bank, alongside input from ongoing consultations with financial institutions and supervisory bodies. The aim, he said, is to ensure that any policy response is grounded in verified figures rather than assumptions.

Responding to questions about whether compound interest has led to disproportionate debt accumulation, the minister acknowledged that existing practices have indeed created public concern. He emphasized that authorities are examining the full scope of available data before drawing conclusions or proposing changes.

Legislative Outlook And Strategic Caution

During a recent session with the Parliamentary Finance Committee, Keravnos discussed a range of financial oversight matters, including interest rate policies. While lawmakers raised the possibility of new legislative frameworks or alternative repayment models, the minister clarified that no formal proposals have yet been finalized. He stressed that any intervention must be carefully calibrated, particularly as international rating agencies continue to monitor the country’s financial stability.

Enhanced Oversight In Business Practices

Addressing broader compliance issues within the financial sector, Keravnos stated that supervisory mechanisms are already in place and functioning effectively. Regular inspections conducted in cooperation with law enforcement agencies, he noted, help ensure that companies adhere to existing regulations and transparency standards.

Drawing on his experience in financial auditing and policy oversight, the minister reiterated that the government’s priority is to preserve trust in the credit system while protecting borrowers from potentially excessive practices. The current review, he added, is intended not only to clarify public concerns but also to reinforce long-term financial integrity.