Cyprus is witnessing its highest inflation rate, at nearly 9%, in the past four decades, while consumer associations fear that the worse is yet to come.

Paphos will become greener as the €3.7 million Park of Colours, the island’s largest urban park and one of the richest for plants and infrastructure, will open its gates to the public in the coming weeks.

MotionBusCards will be given free to all social services card holders and recipients of low retirement subsidy, the ministry of transport said on Friday.

Cyprus plans to submit next month an official request to the European Commission for state-owned Asset Management Company (KEDIPES) to launch a mortgage-to-rent scheme nationwide.

Governor of the Central Bank of Cyprus Constantinos Herodotou said on Thursday that the banking sector of Cyprus faces the effects of the Russian invasion of Ukraine from a financially sound position.

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The production and distribution of halloumi have not been affected by the war in Ukraine, said the Minister of Agriculture, Rural Development and Environment, Costas Kadis, saying that what they are trying to manage is the unallocated quantities from the pandemic period.

The rate of non-performing loans in the Cyprus banking sector increased to 11.7% of total loans in January from 11.1% at the end of 2021, data released by the Central Bank of Cyprus on Thursday show.

The Ministry of Finance has long been committed to introducing a financial instrument to support startups and innovative companies with equity financing, Finance Minister Constantinos Petrides has said, adding the agreement with the European Investment Fund to manage this new financial instrument is of paramount importance and a significant milestone in the government's efforts to enhance alternative financing.

Real estate stakeholders are concerned over the immediate prospects of the construction sector and warn against being duped by an upward trend in property sales, as the war in Ukraine will harm the industry.