Travel Agency Under Fire: Over 200 Complaints Ignite Regulatory Review

by THEFUTURE.TEAM

October 31, 2025

Investigation Launched Amid Consumer Complaints

More than 200 complaints have been lodged against Limassol-based travel agency Efi Strakottou Travel and Tours Ltd, raising serious questions about consumer protection and compensation protocols when travel services fail to materialize. The Commerce Ministry’s consumer protection service has confirmed the initiation of an investigation into the agency, now deemed insolvent and potentially incapable of fulfilling its contractual commitments.

Warning to Consumers and Mounting Financial Concerns

Authorities have advised that no further payments be made by travelers to the agency. This advisory follows a series of incidents reported as early as late September, when the growing number of complaints highlighted serious lapses in service delivery. Consumers who invested in package travel contracts, only to receive no services in return, have been instructed to submit their claims in writing to the Association of Cyprus Travel and Tourism Agents (Actta) by the specified deadline.

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Financial Safety Nets: A Critical Shortfall

Initial findings are troubling: while consumers have collectively paid approximately €103,000, the agency’s financial guarantee barely amounts to €12,000. This glaring disparity has inflamed criticism of state authorities for what is being described as inadequate oversight and delayed intervention. Marios Droushiotis, chairman of Actta, has called for more robust regulatory measures and hinted at the possibility of legal actions to ensure that affected customers receive full compensation.

Legislative Scrutiny and Future Safeguards

The issue has escalated to the parliament, where the House Commerce Committee is set to review how consumer interests are safeguarded in instances of agency insolvency or deception. Central to the discussion will be whether the current protections under the Package Travel and Linked Travel Arrangements Act of 2017 are sufficient to shield travelers when financial promises fall short. The consumer protection service, along with Actta as the administering body for guarantees, will be under close examination as lawmakers debate possible reforms to tighten oversight and reinforce consumer rights.

This case stands as a stark reminder for both consumers and regulators alike: rigorous due diligence and stronger financial safeguards are imperative to prevent future exposures. The outcome of this parliamentary review and potential tightening of regulations could set a new benchmark in ensuring accountability in the travel industry.

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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.

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