Cyprus Tour Guides Association Mobilizes For Sector Reform

by THEFUTURE.TEAM

March 25, 2026

Cyprus Tour Guides Association has announced a protest outside Deputy Ministry of Tourism, scheduled for 11:00 on Friday. Action follows growing concerns in the sector over working conditions and market pressure.

Critical Issues Under Scrutiny

Tour guides highlight several ongoing issues, including illegal tours, limited oversight at archaeological sites and strict controls at crossing points. According to the association, these factors are affecting daily work and contributing to a rise in cancellations.

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Economic Implications Amid Regional Instability

Pressure on the sector is increasing as tourism demand shows signs of slowing. Hoteliers report weaker bookings for April and May, linked to ongoing instability in the Middle East. While summer reservations remain relatively stable, new bookings from key markets, including Europe and Israel, have declined.

Calls For Strategic Government Action

At the same time, Akel leader Stefanos Stefanou has called for additional government support for the tourism sector. He proposed measures such as strengthening air connectivity, launching targeted safety campaigns and introducing support for domestic demand. He also highlighted the need to support seasonal workers affected by delays at the start of the season.

Developments reflect broader pressure across tourism, as businesses and workers adjust to weaker demand and ongoing regional uncertainty.

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Cyprus Proposes New Credit Scoring System And Data Sharing Reform

by THEFUTURE.TEAM

March 25, 2026

Cyprus Ministry of Finance has submitted a package of seven amendment bills aimed at restructuring how credit data is shared and introducing a unified credit rating system for individuals and businesses. Proposals are currently under review by the Parliamentary Committee on Finance.

Unified Credit Data Exchange Framework

Reform is part of a broader effort to modernise financial infrastructure and improve data exchange between credit institutions. Changes cover key areas including banking operations, consumer credit, mortgage agreements, credit management, finance leases and the sale of credit facilities. This initiative is also linked to the Recovery and Resilience Plan, aligning financial sector reforms with wider economic policy.

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Advanced Credit Rating Mechanism

A central element of the proposal is the creation of a single credit score for borrowers. The system will use financial data from the past 24 to 36 months to assess the likelihood of default over the following 12 months. This approach is expected to improve lending decisions and support a gradual reduction in non-performing loans.

Empowering Regulatory Oversight And Data Security

Oversight will be assigned to the Central Bank, which will set operational rules, monitor compliance and impose penalties where needed. The framework also includes provisions on data protection and banking confidentiality, developed in coordination with the Office of the Commissioner for Personal Data Protection.

Structured Data Submission And Access Controls

Proposed legislation defines which entities must submit data and which can access it, introducing a tiered system based on operational needs. Participants will include banks, credit management companies and finance lease providers, all operating under defined conditions.

Reforms aim to simplify existing regulations and reduce overlaps between current laws, as Cyprus moves to modernise its credit system. Lawmakers are expected to review the package ahead of a vote before Parliament dissolves ahead of elections.

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