Cyprus’ Financing Programme On Track Amidst Economic Optimism

Cyprus is advancing its annual financing programme efficiently, aligning closely with its fiscal targets for 2024. The approved borrowing ceiling stands at €1.3 billion, predominantly sourced from European Medium-Term Notes (EMTN). So far, Cyprus has successfully raised nearly €1.2 billion, including a recent €1 billion, seven-year fixed-rate bond issued in June.

The financing strategy also includes public treasury bills and domestic bonds aimed at individual investors. To date, €87.5 million of the targeted €120 million in treasury bills and €6.4 million of the intended €40 million in domestic bonds have been issued. Furthermore, Cyprus has secured €92.75 million in loans from supranational organisations, progressing towards the €140 million goal.

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Public treasury bills, set to mature in October 2024, offer an annualised yield between 3.65% and 3.75%, presenting an attractive option for non-professional investors and businesses seeking secure liquidity management.

Sophic, a financial platform, plans to acquire a portion of the upcoming treasury bill issuance, replicating its strategy from June where it, alongside Athlos Capital, acquired over 80% of the €21.5 million issuance for client allocation.

Cyprus’ prudent financial management and structured approach towards funding reflect a robust fiscal framework aimed at maintaining economic stability and fostering investor confidence. This meticulous execution of the financing programme underscores Cyprus’ commitment to strategic fiscal governance and economic resilience, which are vital for sustaining long-term growth.

The ongoing success of Cyprus’ financing programme highlights the nation’s proactive fiscal planning and the effectiveness of its public debt management office. By securing diverse funding sources and maintaining investor engagement, Cyprus continues to bolster its financial stability and economic prospects.

As Cyprus progresses with its financing activities, the focus remains on sustaining fiscal discipline while leveraging favourable market conditions to optimise funding costs. This approach not only ensures the fulfilment of immediate financing needs but also lays a solid foundation for future economic resilience.

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Larnaca Hotels Face 15% Occupancy Drop As September Offers Hope

by News Editor

August 12, 2026

Hotel occupancy in Larnaca fell by around 15% year on year in both July and August, as the conflict in the Middle East and continued geopolitical uncertainty weigh on the city’s tourism market.

According to Larnaca PASYXE President Marios Polyviou, the impact was strongest during the early months of the crisis. While conditions have since stabilised, the city entered the peak summer season with occupancy below last year’s levels.

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August Bookings Show Some Improvement

July ended with occupancy around 15% below 2025, while August started at approximately 75%, compared with 90% a year earlier.

Late bookings have since improved the outlook, with Polyviou hoping the figures will strengthen further before the end of the month. Uncertainty remains, however, given Larnaca’s exposure to tourism markets affected by developments in the Middle East.

Israel Remains Key Tourism Market

Israel continues to be Larnaca’s largest tourism market, with flights returning to last year’s levels from the second half of July. Around 25 flights a day are currently operating between Israel and Larnaca Airport.

The UK remains the second-largest market, followed by Germany, Poland, Greece and other EU countries.

September Bookings Look More Promising

While Polyviou said forecasting the autumn season remains difficult, September bookings are currently developing at a good pace, raising hopes that the month will perform at least as well as last year.

Tourism revenue across Cyprus fell 16% in the first half of 2026 compared with the same period in 2025. Polyviou noted that January and February had recorded a 15% increase, suggesting the decline during the subsequent crisis-affected months was more pronounced.

New UK Partnerships Could Boost Larnaca

Larnaca hotels have also signed agreements with UK tour operators TUI and Jet2, which Polyviou described as particularly significant for the local market.

He said a coordinated push by major tour operators into Larnaca had not been seen on this scale since the pandemic. The new partnerships are expected to support British arrivals, with hopes for stronger growth in 2027.

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