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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Only 1% Of Cyprus Farms Use Precision Farming Technologies

by THEFUTURE.TEAM

July 24, 2026

Cyprus remains one of the European Union’s least digitised agricultural economies, with just 1% of farms using precision farming technologies in 2023, according to Eurostat.

The findings come as the EU continues to encourage the adoption of digital tools aimed at improving agricultural productivity, efficiency and sustainability.

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Internet Access Expands, But Digital Uptake Lags

Internet access has improved across the bloc, although adoption remains uneven. Eurostat found that 43% of EU farms had internet access in 2023, with northern and central European countries leading the way.

Denmark, Germany, Slovakia, Latvia, the Czech Republic and Austria all reported internet access rates above 90%.

Greater connectivity, however, has not translated into widespread digital adoption. Farm management information systems, which help farmers manage day-to-day operations, were used by only about 11% of EU farms. France was a notable exception, with around 60% of farms using the technology.

Precision Farming Concentrated In Larger Operations

Robotics adoption also remained relatively limited, with only about 7% of EU farms using robotic technologies. Overall, around 18% of farms with utilised agricultural area employed at least one precision farming technology or practice in 2023.

These included robotics for plant protection, band spraying, variable-rate application, precision crop monitoring and soil analysis. Despite representing fewer than one in five farms, these holdings accounted for around 44% of the EU’s utilised agricultural area.

The figures suggest that precision farming remains concentrated among larger agricultural businesses, where investment in digital technologies is typically easier to support.

Cyprus Lags Behind EU Leaders

Luxembourg, Finland and Estonia recorded the highest shares of utilised agricultural area managed by farms using precision farming technologies, each exceeding 75%.

At the other end of the ranking, Cyprus recorded just 1%, while Greece and Romania reported between 10% and 15%. The results indicate that Cyprus remains at an early stage of digital adoption in agriculture, even as precision farming becomes more widespread across parts of the European Union.

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