Breaking news

Hellenic Bank Cuts Reference And Product Rates Ahead Of August 2025

Hellenic Bank has announced a strategic reduction in its reference interest rate, lowering it from 1.42% to 1.18% effective August 18, 2025. This move is part of a broader recalibration that affects all fundamental interest rates, reflecting the bank’s ongoing commitment to aligning its credit offerings with market realities.

Reshaping Interest Rates Across Key Products

In its latest update, Hellenic Bank detailed adjustments across various lending products. The revised rates are as follows:

  • Core Interest Rate: reduced from 4.18% to 3.94%
  • Business Loans: decreased from 3.18% to 2.94%
  • Business Overdrafts: lowered from 3.18% to 2.94%
  • Mortgage Loans: adjusted from 2.58% to 2.34%
  • Rate-Linked Mortgage Products: adjusted from 3.43% to 3.19%
  • Main Base Rate: reduced from 1.42% to 1.18%

Furthermore, this decline applies to lending rates inherited from the former Cooperative Cypriot Bank and credit facilities under Gordian Holdings Ltd., which will also decrease by 0.24%.

Implications For Affected Clients

The new rates impact all credit facilities priced under the updated structure, as well as those transitioned from the prior institutions. However, specific contractual scenarios remain unchanged: loans with a definitive maturity date for the final installment will not be altered, and instruments featuring a minimum interest rate (floor) will not automatically see a reduction. Customers with unique pricing agreements should refer to their specific terms to understand the changes fully.

Next Steps For Customers

Hellenic Bank advises clients to review the details of their credit agreements and to seek further clarification from branch representatives if necessary. This proactive measure ensures that borrowers are well-informed and can assess the impact of the adjustments on their financial obligations.

2025: A Record-Breaking Year For Cyprus Tourism And A Strategic Roadmap For Sustainable Growth

Cyprus has witnessed an unprecedented surge in its tourism sector in 2025, a record year that has set a high benchmark for the future. At the heart of this success lies the government’s proactive strategy to maintain and amplify this positive momentum, as outlined by Kostas Koumis, the Deputy Minister of Tourism.

Strategic Vision and Regional Collaboration

During a pivotal meeting with regional stakeholders in Paphos, Deputy Minister Koumis elaborated on the challenges facing the tourism industry and unveiled comprehensive plans for 2026. Emphasizing the critical role of the Paphos region, he noted that its contributions have been instrumental in the overall success of Cyprus’s tourism narrative.

Commitment to Quality and Innovation

According to Koumis, the cornerstone of ongoing success is the provision of an outstanding tourism experience. His remarks underscored a commitment to continuous dialogue with local councils and industry participants, ensuring every destination functions seamlessly and upholds high-quality service standards. New initiatives and innovative designs for the upcoming year have been introduced, alongside proposals designed to address longstanding operational challenges.

Infrastructure Investment and Future Projects

The Deputy Minister highlighted the significant performance of Paphos, where tourist arrivals surged by over 30%, underscoring its pivotal role in Cyprus’s tourism framework. Looking ahead to 2026, he discussed the broader challenges, including pressing issues like climate change, which demand a collective response. Koumis reassured stakeholders that there have been no lapses in local coordination. Regular evaluations cover critical aspects of each destination, confirming the government’s unwavering focus on service quality.

Marina Development and Strategic Timelines

Further bolstering the country’s tourism infrastructure, Koumis commented on the progress of the Paphos Marina project. He confirmed that the project is on schedule with contract signings anticipated in the first few months of 2027—a timeline that reflects not only efficient planning but also robust investment interest.

Insights From Faidonas Faidonos

Faidonas Faidonos, another key figure in the local tourism community, described 2025 as “an exceptionally good year,” crediting the favorable data as a strong foundation for future planning. The Paphos Mayor reinforced this sentiment, stating that moving forward, the focus for 2026 and beyond should transition from sheer volume to qualitative enhancements. The goal is not merely to attract tourists but to draw visitors whose spending significantly benefits the economy.

Enhanced Service and Operational Reforms

The Mayor also outlined critical infrastructure projects for the region, including the marina, a connecting road to the Paphos International Airport, and the airport’s expansion. These projects, slated to kick off in 2026, are expected to redefine the tourist experience, ensuring operational excellence and reducing previous service challenges—such as the long queues and high temperatures noted at the airport in 2025.

In conclusion, the strategic roadmap laid out for 2026 emphasizes decisive project implementation over prolonged planning cycles, marking a transformative period for Cyprus tourism. With a clear focus on quality and sustainable growth, Cyprus is positioning itself for enduring success in the global tourism market.

The Future Forbes Realty Global Properties
eCredo
Aretilaw firm
Uol

Become a Speaker

Become a Speaker

Become a Partner

Subscribe for our weekly newsletter