Tourist arrivals in Cyprus between January and November 2023 reached 3,722,022 visitors, reflecting a notable increase of 20.4 per cent when compared to the same period in 2022, according to a report released on Monday by the state’s statistical service.

Hellenic Bank this week announced that its wealth and investment services division hosted a forum aimed at understanding the challenges and trends shaping the investment landscape, in an effort to navigate geopolitical uncertainties impacting the market.

National flag carrier Cyprus Airways this week announced that despite prevailing geo-political tensions in the Middle East, it still managed to record a growth in revenue in November 2023.

Ratings agency S&P Global this week announced a one-notch upgrade in the long-term credit rating of the Bank of Cyprus (BoC) to “BB” from “BB-,” with a positive outlook.

The House of Representatives has approved the long-awaited Framework Regulating Remote Working Law of 2023 (the “Law”) which has come into effect 01/12/2023.

The Cypriot government is expected to spend approximately €18 million on airline and travel agency incentives for the entirety of 2023, after a recent approval by the House of Representatives, as part of an ongoing effort to boost tourism arrivals to the island.

Cyprus National Cybersecurity Coordination Centre, in conjunction with the Research and Innovation Foundation (RIF), this week announced the launch of a new support scheme that aims to strengthen cybersecurity in Cypriot Small and Medium Enterprises (SMEs), with a total budget of €1 million.

At Elias Neocleous & Co LLC, the month of November took on a special significance this year as the firm’s trainee lawyers orchestrated a week-long Movember campaign, culminating in a vibrant event on 28 November 2023 that brought the entire Limassol office together.

The European Central Bank’s continual balance sheet offloading in its battle against inflation has kept the value of Cypriot bonds held within the Eurosystem at €6.75 billion, according to a piece of analysis released by the Cyprus News Agency (CNA).

Cyprus experienced a significant deceleration in inflation in November 2023, dropping to 1.7 per cent compared to the previous November, marking the lowest rate in the past three months. This decrease was primarily attributed to a reduction in petroleum prices. According to the statistical service, the Consumer Price Index (and consequently inflation) declined by 1.46 units in November 2023, reaching 116.51 units compared to 117.97 units in October 2023. In comparison to November 2022, inflation increased by 1.7 per cent, a rate that stands as the lowest since August and the second lowest in the past 30 months (since May 2021).