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Paphos Business Leaders Demand Structural Reforms Amid Mounting Challenges

by THEFUTURE.TEAM

October 28, 2025

At the recent annual assembly of the Paphos Chamber of Commerce and Industry, business leaders expressed mounting concerns over entrenched bureaucracy, stalled development initiatives, and prohibitively high energy costs. The gathering, held on a recent Monday afternoon, underscored an urgent call for structural reforms aimed at enhancing competitiveness in a challenging global economic climate.

Industry Voices Call For Timely Infrastructure And Energy Policy Overhaul

Officials from both the Cyprus Chamber of Commerce and Industry and the Paphos Chamber were resolute in their demand for improved infrastructure projects that are delivered on schedule and within budget. Stavros Stavrou, president of Keve, emphasized that while subsidies may offer temporary relief, they are an unsustainable solution that overburdens public finances. He advocated for energy policies that deliver tangible benefits to both consumers and the broader economy, especially in the face of existing sectoral weaknesses.

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Economic Uncertainty And Political Inaction

Concerns were also voiced regarding the persistent instability in the international economic landscape. Commenting on the ongoing Ukraine–Russia conflict and recent geopolitical developments in the Middle East, George Mais criticized what he described as the political system’s indecisiveness to implement necessary reforms. He noted that these challenges, compounded by inflationary pressures and rising interest rates, underscore the urgent need for a simpler regulatory framework and expedited judicial processes.

Accelerating Digital Transformation And Public Sector Reform

Addressing broader concerns, business leaders stressed the imperative for digital transformation and public-sector innovation. While recognizing progress made thus far, they highlighted that further accelerations are essential to elevate the quality of business services and streamline operational inefficiencies. The persistent issue of understaffing in key areas, such as the Paphos EOA, was cited as a critical hurdle impeding timely responses to industry demands.

Government Initiatives To Stimulate Growth And Export Competitiveness

Minister of Energy George Papanastasiou painted a promising picture, describing Paphos as a region teeming with prospects and opportunities. Emphasizing the crucial interplay between the public and private sectors, the Minister detailed a series of targeted support programmes that underwrite innovation, sustainable development, and digital and energy upgrades. With an allocation of €363 million for the 2021–2027 period, these initiatives are designed to fortify export markets and create an environment conducive to business excellence.

These comprehensive measures, ranging from revamped urban planning incentives to enhanced export helpdesks and international trade centres, represent a decisive strategic pivot aimed at turning current challenges into long-term competitive advantages for the Cypriot economy.

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Central Bank Of Cyprus Balance Sheet Reflects Strong Eurosystem Position

by THEFUTURE.TEAM

February 17, 2026

Overview Of Financial Stability

The Central Bank of Cyprus (CBC) has released its latest balance sheet, reaffirming its steadfast role within the Eurosystem. The balance sheet, featuring total assets and liabilities of €29.545 billion, underscores the institution’s stable financial posture at the close of January 2026.

Asset Allocation And Strategic Holdings

Governor Christodoulos Patsalides issued the balance sheet, which details the CBC’s asset composition under the Eurosystem framework. Notably, the bank’s gold and gold receivables amounted to €1.635 billion, providing a significant hedge and stability to its balance sheet. Additional asset categories include claims on non-euro area residents denominated in foreign currency at €1.099 billion, while claims on euro area residents in both foreign and domestic currency add further depth to its portfolio.

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The most substantial asset category, intra-Eurosystem claims, reached €19.438 billion, an indication of the CBC’s deep integration with its European counterparts. Furthermore, euro-denominated securities held by euro area residents contributed €6.587 billion. Despite a marked emphasis on these areas, lending to euro area credit institutions in monetary policy operations recorded no activity during the period.

Liability Structure And Monetary Policy Implications

On the liabilities side, banknotes in circulation contributed €3.218 billion. Liabilities to euro area credit institutions associated with monetary policy operations were notably the largest single category, totaling €17.636 billion. Supplementary liabilities included those to other euro area residents, which aggregated to €4.989 billion, with government liabilities playing a predominant role at €4.754 billion.

Other liability items, such as claims related to special drawing rights allocated by the International Monetary Fund at €494.193 million, and provisions of €596.571 million, further articulate the CBC’s exposure. Revaluation accounts stood at €1.643 billion, and overall capital and reserves were confirmed at €333.822 million, completing the picture of a well-capitalized institution.

Conclusive Insights And Strategic Alignment

The detailed breakdown illustrates the CBC’s sizeable intra-Eurosystem exposures, reinforcing its central role within Europe’s monetary landscape. With an asset-liability balance maintained at €29.545 billion, the CBC’s financial position remains robust, indicating a commitment to structural stability and strategic risk management.

This fiscal disclosure not only provides transparency into the CBC’s operations but also serves as a benchmark for comparative analysis among other central banks within the Eurosystem, highlighting the intricate balance between asset liquidity, regulatory oversight, and monetary policy imperatives.