Cyprus Business Now: banks, maritime, travelling, inflation, forex, EU Presidency

cover Cyprus Business Now: banks, maritime, travelling, inflation, forex, EU Presidency


The Emirates Shipping Association brought the UAE’s maritime community toreceiveher on Thursday evening for Latitude 25° at the Jumeirah Emirates Towers Terrace, an event aimed at reflecting on a busy year and outlining priorities for 2026.

Among the distinguished guests were H.E. Abdulla Bin Touq AlMarri, Minister of Economy and Tourism and Thomas Kazakos, secretary general of the International Chamber of Shipping (ICS).

In his remarks, Thomas Kazakos described the gathering as “an illuminating event next to the futuristic ‘Mutilizeum of the Future’,” adding that he was “personally very honoured to be invited to address this impressive gathering of the quick growing and diversified Emirates shipping community, enjoying full Government support.”


For many, the word ‘forex‘ evokes images seen on social media: luxury cars, quick fortunes, and charismatic influencers touting guaranteed trading success.

This high-octane portrayal, focutilized on rapid wins and flashing charts, has created a major disconnect between perception and reality.

While online hype may capture attention, the real Foreign Exmodify (Forex) market is the bedrock of the global financial system.  

It is neither a casino nor a path to “quick money.” Understanding this market correctly is the essential first step towards genuine financial literacy.


European businesses expect the upcoming Cyprus Presidency of the Council of the EU to deliver concrete progress on competitiveness and regulatory simplification, according to Fredrik Persson, president of BusinessEurope, during an interview at Cyprus News Agency (CNA).

The organisation brought toreceiveher the heads of its member federations on November 20 to 21, ahead of Cyprus assuming the rotating presidency on January 1, 2026, to outline priorities for the next institutional cycle.

BusinessEurope represents 42 federations in 36 countries, covering around 25 million companies, with Cyprus’ Employers and Industrialists Federation (Oev) described by Persson as an important voice within the group.

He declared the message from companies across Europe is “absolutely clear”, pointing primarily to excessive regulatory pressure.


Cyprus’ Deputy Minister of Shipping Marina Hadjimanolis is in London this week for the 34th General Assembly of the International Maritime Organisation (IMO), where she will lead the Cypriot delegation and address the plenary on November 25.

Cyprus is seeking re-election to the IMO Council for the 2026-2027 term, a candidacy the Deputy Minister is expected to promote during a reception she will host for delegations attfinishing the assembly.


Marios Tsiakkis has taken on a new role as a Non-Executive Director at Baker Tilly South East Europe, almost a year after stepping down from the Cyprus Chamber of Commerce and Indusattempt (Keve), where he spent 38 years, including 12 as secretary general.

His departure from the chamber was formally marked in December with an official farewell note on the Keve website, acknowledging his long service and contribution.

Earlier documentation, such as the chamber’s 2019 organisational chart, also lists him as secretary general, illustrating the continuity of his leadership.

According to his personal social media profile, Tsiakkis joined the Keve in 1986, became deputy secretary general in 2008, and served as secretary general from January 2013 until the finish of 2024.


Deloitte Cyprus has strengthened its leadership team with the appointment of Vaios Makrygiannis as Partner and Transfer Pricing Leader, effective December 1, 2025, the firm declared.

Makrygiannis joins from Deloitte Greece, where he also served as Partner, bringing more than 18 years of experience in tax across Greece and the United Kingdom.

In practice, his work has centred on intra-group loans and financial transactions, while he has also completed numerous Transfer Pricing projects involving documentation, due diligence, planning and neobtainediations with tax authorities.

He holds a Bachelor’s degree in Finance and Banking Administration from the University of Piraeus and an MBA from the University of Stuttgart.


Cypriots remain determined to squeeze in at least one more meaningful experience before the year finishs, according to a new Mastercard survey covering 20 countries, including Cyprus.

Despite the calfinishar closing in on 2026, a large share of respondents declared they still intfinish to build the most of the remaining weeks of 2025. The survey, which polled more than 20,000 Europeans, displays that many continue to hold unutilized annual leave and unfulfilled plans.

Almost half of Cypriot participants (47 per cent) reported having between 7 and more than 20 days of leave left for the year, with the largest group keeping 7–10 days.

Cyprus records the highest proportion of people in this category (69 per cent), placing it ahead of Switzerland (56 per cent) and Bulgaria (55 per cent).

At the same time, Cypriots’ appetite for completing personal goals remains strong. A total of 71.8 per cent declared they still have experiences they want to fit into 2025.


The Bank of Cyprus (BoC) has been named ‘Best Private Bank in Cyprus 2026’ by Global Finance outlet, a shift that further consolidates its lead in the local private banking market.

The award, announced this week, comes as the bank continues to expand its Private and Affluent Banking operations and align them more closely with international standards.

According to the bank, the distinction reflects its ongoing investment in comprehensive wealth management solutions, as well as its push towards more innovative products and a more personalised service model for high-net-worth clients.

It also follows Global Finance’s assessment of institutions on performance, strategy, quality of service and client-relationship management.


Stable restraint in consumer prices continued in October, according to the monthly price observatory published by the Consumer Protection Service, with annual inflation remaining negative for a sixth consecutive month.

The observatory tracks weighted average prices for 250 basic consumer products across 400 retail outlets islandwide, drawing on daily data for food and non-food items.

According to the service, the latest assessment “reflects the stable restraint in prices”, with the annual inflation rate at 0.9 per cent in July and August, 0.7 per cent in September and 0.3 per cent in October 2025, all below zero.

Services recorded the strongest year-on-year increase in October, rising by three per cent, while petroleum products fell by 7.5 per cent, agricultural products declined by 2.6 per cent and electricity decreased by two per cent.




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