Cyprus Prepares For Record-Breaking Tourist Arrivals in 2024

by THEFUTURE.TEAM

November 25, 2024

According to Deputy Minister of Tourism Kostas Koumis, Cyprus is on track to surpass its record-breaking tourist arrivals from 2019. Addressing the Parliamentary Finance Committee on Friday during the budget review for the Deputy Ministry, Koumis highlighted the island’s impressive tourism performance and optimistic projections for 2024.

Tourist arrivals for January to October 2024 have already outpaced previous years, with a 4.6% increase compared to 2023 and a 0.8% rise compared to 2019. 3.7 million visitors were recorded during this period, marking the best ten-month performance in Cyprus’ history. Additionally, tourism revenue from January to August grew by 4.6% year-on-year, demonstrating the sector’s robust recovery.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

The growth has been remarkable over a two-year span, with arrivals increasing by 26.7% and revenues climbing 31.2% compared to 2022. Tourism’s contribution to GDP has also grown significantly, rising from 10.9% in 2023 to an estimated 13.5% in 2024.

While per capita expenditure remained stable at €769, and daily spending slightly increased from €89 in 2023 to €90 in 2024, the average length of stay decreased to 8.56 days compared to 9.59 days in 2022. European markets have driven much of this growth, with notable increases in visitors from the UK, Germany, France, Finland, Poland, Switzerland, and Eastern European countries.

Koumis emphasized the government’s dedication to upgrading the country’s tourism sector, citing sustainability as a core focus for future development. “The Deputy Ministry’s 2025 budget reflects our commitment to enhancing Cyprus as a destination while transitioning to a model that prioritizes sustainability,” he stated, adding that the increased budget allocation underscores the strategic importance of tourism to the island’s economy.

The Future Forbes Realty Global Properties

ECB Raises Deposit Facility Rate For First Time In Nearly Two Years

by THEFUTURE.TEAM

June 15, 2026

Economic Shift: ECB Reverses Years Of Declining Rates

The European Central Bank (ECB) confirmed its first interest rate increase in nearly two years, raising the deposit facility rate in response to inflationary pressures and geopolitical uncertainty. Marking a shift in monetary policy, the move follows a period of rate cuts aimed at supporting economic activity and easing financing conditions.

Reevaluation Of Bank Liquidity Strategies

Although the immediate impact will be felt by only part of the borrowing market, the decision carries broader implications for banks. During the period of lower rates, banks maintained significant amounts of excess liquidity with the ECB as returns on these funds declined alongside deposit rates. With the deposit facility rate increasing by 0.25 percentage points to 2.25% from 2.00%, returns on surplus liquidity are expected to improve.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Higher interest rates, however, could also increase borrowing costs and influence lending conditions across the banking sector.

Transitioning Investment Approaches And Market Dynamics

Banks had already begun diversifying the use of excess liquidity through investments in bonds and by expanding lending activities.

Successive reductions in the deposit facility rate from 3.00% at the end of 2024 through four consecutive cuts in early 2025 reflected a more accommodative policy stance as inflation pressures moderated.

Sectoral Impact And Future Outlook

Data from the ECB’s 2025 monetary policy report show that liquidity in the Cypriot banking system declined from €19.2 billion at the end of 2024 to €18.6 billion by the close of 2025. Despite the reduction, liquidity levels remained elevated. Outstanding loans increased from €27.6 billion to €31.7 billion, while deposits recorded a slight decline. Customer deposits continued to account for the vast majority of funding. By the fourth quarter of 2025, they represented 95% of total liabilities, highlighting their importance as the banking sector’s primary source of financing.

Changes in ECB rates are expected to influence how banks manage liquidity and allocate capital as monetary conditions evolve.

Breaking news