Cyprus stepped up preparations for its EU Council Presidency as Finance Minister Makis Keravnos met this week with Salla Saastamoinen, deputy director-general of the European anti-fraud office (Olaf), to review upcoming negotiations on the bloc’s financial-protection framework.

According to the ministry, the meeting covered key files ranging from the revision of the European anti-fraud architecture  to talks on the next Multiannual Financial Framework (MFF 2028–2034), as well as ways to strengthen cooperation between Olaf and the European Public Prosecutor’s Office (EPPO).

Since Cyprus will hold the presidency in the first half of 2026, Keravnos noted that the country will play a decisive role in shaping these negotiations.

He said the protection of European taxpayers’ money must form a central pillar of the new MFF, while also pointing to ongoing work on Cyprus’ first national anti-fraud strategy, due for presentation in June 2026.

Cyprus’ banks kept their lending criteria unchanged in the third quarter of 2025, with both businesses and households facing the same terms and conditions as in the previous quarter, according to the Central Bank of Cyprus’ (CBC) latest Bank Lending Survey (BLS).

According to the survey, loan demand also remained broadly stable, with net demand unchanged across all client categories, businesses, housing borrowers, and consumers.

At the same time, banks expect this steady pattern on the supply side to continue into the fourth quarter. The criteria for granting loans to both businesses and households are anticipated to remain unchanged, for all types of credit.

However, in contrast to supply expectations, banks foresee an increase in net loan demand in the fourth quarter, both from businesses and from households seeking housing, consumer or other credit.

Eurobank reaffirmed its long-standing role as a strategic partner of Cyprus’ tourism sector at the Association of Cyprus Tourist Enterprises (Stek) annual tourism conference 2025, which focused on ‘Sustainable Tourism: The Absolute One-Way Path’.

The event, held with Eurobank’s support, examined the future operating model of the industry, along with trends and applications of artificial intelligence in tourism, sustainability solutions and green transition models, as well as financing and investment opportunities to support businesses in the new era were explored.

Moreover, during his address, Antonis Nicolaides, Head of Commercial Banking at Eurobank, said the tourism industry has consistently been “the backbone of the Cypriot economy” for more than 50 years, gaining an expanding share of GDP thanks to its enduring contribution and resilience.

He added that Eurobank maintains a deep appreciation and strategic relationship with the sector, noting that “the bank offers a specialised unit dedicated to tourism businesses, together with financing capabilities, knowledge and expertise to support future growth.”

Cyprus must reposition itself internationally by embracing sustainable tourism as a “one-way street” for the island’s future, according to the president of the Association of Cyprus Tourist Enterprises (Stek) Akis Vavlitis.

At the association’s annual conference on Wednesday, themed “Sustainable Tourism – The Absolute One-way Street,” Vavlitis said sustainable tourism is “no longer an option, it is the only path that ensures the resilience of our destination, the cohesion of our society and the credibility of our country internationally.”

According to him, the old model based on visitor volume can no longer meet today’s demands.

Vavlitis pointed to the effects of climate change, noting that it is “already changing the balances, from the thermal burden of summer to the impacts on our coastline and infrastructure,” while pressures on natural resources, energy dependence and changing traveller expectations are pushing the sector towards a new approach.

He explained that today’s visitor seeks experiences with an environmental and social footprint, which requires Cyprus to adapt.

He added that sustainable tourism “is not a theoretical concept,” but a tool that defines “who we want to be as a destination and how we will survive in the new global conditions.”

The Cyprus Institute of Certified Public Accountants (CIPAC) has raised a series of concerns over the government’s six-bill tax reform package, submitting detailed notes to the House finance committee and signalling that more comments will follow as discussions progress.

Although the association says it is approaching the reform with a positive mindset, it stresses that the final legislation must genuinely support businesses, households and the wider economy.

So far, the institute has submitted four sets of observations, covering amendments to the income tax law, the special defence contribution law, the capital gains tax law and the stamp duty law, as also mentioned in the InBusinessNews outlet.

Two further submissions are planned, while the institute has left open the possibility of adjusting its positions once the Finance Ministry provides more clarity during parliamentary deliberations.

Finance Minister Makis Keravnos thanked China for its consistent support for the sovereignty, independence and territorial integrity of Cyprus during a farewell ceremony this week for Chinese Ambassador Liu Yantao.

Speaking at an event in Nicosia, he said Cyprus “particularly appreciates China’s stance on the Cyprus issue, including its role as a Permanent Member of the UN Security Council, in supporting our efforts to resume negotiations for a viable and lasting settlement, based on the agreed UN framework”.

He noted that although much still needs to be done to ensure lasting peace globally, both countries continue to uphold the principles of the UN Charter and international law.

Moreover, he expressed confidence that Cyprus and China will further consolidate their cooperation in the coming years, lifting their relationship to “even higher levels”.

Cyprus handled 9,000 maritime passengers in 2024, one of the lowest totals in the EU and far below pre-pandemic levels, according to Eurostat.

Traffic had reached 53,000 passengers in 2019, then fell to 5,000 in 2020 during the COVID outbreak. It rose to 29,000 in 2021, eased to 19,000 in 2022, increased to 26,000 in 2023 and dropped again last year.

Across the bloc, EU ports recorded 412.3 million passengers in 2024 as the sector continued to recover from the pandemic-related slump.

Passenger numbers were 18.8 million higher than in 2023, an increase of 4.8 per cent, although traffic remained slightly below the 2019 level, which was 1.4 per cent higher.

The total sales of petroleum products in Cyprus rose by 4.7 per cent in October 2025 compared with the same month a year earlier, the state statistical service (Cystat) said on Thursday.

Total volumes reached 141,540 tonnes, supported by sharp increases in several categories. The most notable rise was in marine gasoil provisions, which surged by 101.9 per cent year-on-year. Aviation kerosene increased by 5.9 per cent, while sales of asphalt climbed by 44.9 per cent.

Heavy fuel oil sales were up by 26.8 per cent, motor gasoline by 4.6 per cent and liquefied petroleum gases by 3.6 per cent. Road diesel marked a smaller gain of 1.7 per cent.

In contrast, sales of light fuel oil dropped by 53.5 per cent, while heating gasoil fell by 11.4 per cent. Sales from filling stations rose by 3 per cent to 61,904 tonnes.