Cyprus Central Bank Unveils Strategic Transformation Plan for 2025-2026

by THEFUTURE.TEAM

November 5, 2024

The Central Bank of Cyprus (CBC) has rolled out an ambitious 2025-2026 transformation strategy to bolster its role within the European financial landscape and adapt to modern economic, technological, and environmental challenges. Governor Christodoulos Patsalides emphasized the urgency of transformation, citing rapidly evolving global conditions and the need for the CBC to actively support both Cyprus and the broader European community.

The strategy introduces 76 targeted actions designed to foster long-term economic resilience and adaptability. Patsalides highlighted the need for a progressive approach that redefines the bank’s mission, strategic goals, and core values, envisioning a CBC that can meet the demands of today’s interconnected world.

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Key Pillars of the CBC Strategy:

Fix the Bank: This foundational pillar addresses internal reorganization, emphasizing a structure that enables robust risk management, strengthened internal controls, and improved operational continuity.
Run the Bank: Focused on developing supervisory strategies, this pillar targets core responsibilities across the CBC, with initiatives to manage staffing, establish climate resilience frameworks, and set up a procurement division.
Change the Bank: The final pillar aims at modernizing governance, advancing human resources, and leveraging IT innovation. It also plans to establish a Research and Policy Development Center, fostering deeper expertise and influence in the bank’s areas of responsibility.

Each action is assigned a project lead with clearly defined timelines. By the end of 2024, 33 actions are set for completion, with another 20 scheduled for mid-2025. Regular progress will be tracked through a monthly dashboard, ensuring accountability and steady advancement.

The CBC’s new strategy positions it as a dynamic, responsive institution, aligned with Cyprus’s evolving economic role within Europe and committed to excellence, innovation, and transparency.

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Cyprus Enterprises Strengthen Cloud Adoption Amid EU Digital Shift

by THEFUTURE.TEAM

February 16, 2026

Overview Of Cloud Adoption In Cyprus And The EU

Recent Eurostat data reveals that 51.38% of Cypriot enterprises engaged with paid cloud computing services in 2025, aligning closely with the overall European Union average of 52.74%. This consistency underscores the region’s commitment to digital transformation, despite a slight decline from Cyprus’ 52.93% usage in 2023.

Acceleration Across The European Landscape

At the EU level, there was a notable 7.4 percentage point increase in cloud adoption since 2023. The long‐term trajectory is even more remarkable, considering that only 17.8% of EU enterprises used these services in 2014. This significant growth over the past decade is a testament to the rapid integration of digital infrastructures in European business operations.

Differentiated Digital Maturity Across Member States

Within the union, the distribution of cloud service adoption varies significantly. In Finland, 79.2% of enterprises have embraced paid cloud solutions, reflecting a high level of digital maturity. Italy (75.6%) and Malta (74.9%) also demonstrate robust engagement, positioning Southern Europe among the leading adopters. Conversely, Romania (24.9%), Greece (24.3%), and Bulgaria (17.8%) indicate that a segmented digital catch-up is still underway.

Core And Specialized Cloud Applications

Paid cloud services now underpin essential business functions. Email services lead at 85.2%, followed by office software at 71.7% and file storage at 71.5%. Enterprises have also integrated security software (65.5%), finance or accounting applications (58.2%), and enterprise database hosting (45.5%) into their operational ecosystems. Moreover, specialized applications such as enterprise resource planning (30.1%), in-house computing power (28.2%), customer relationship management (27.9%), and development platforms (26.1%) further illustrate the expanding role of cloud technology in enabling modern business complexity.

Conclusion

The data clearly illustrates that Cypriot enterprises remain well integrated within the broader European digital agenda. While operating marginally below the EU average, Cyprus has sustained its competitive position amidst a rapidly evolving technological landscape. As cloud adoption continues to accelerate across European markets, the ongoing digital transformation will no doubt remain a pivotal factor in shaping business strategy and competitive advantage.

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