There is a window of hope for the Cyprus issue, the President says

There is a window of hope today for the resolution of the Cyprus problem, President of the Republic Nikos Christodoulides said on Wednesday in a televised address on the occasion of the Independence Day of the Republic of Cyprus, stressing that the wall of the occupation of is not impenetrable.

“We may not be at the desired point. I certainly do not underestimate or downplay the challenges and difficulties, but developments keep hope alive and allow us to continue our persistent effort,” he noted.

‘With feelings of pride, today we honour the 65th anniversary of the declaration of independence of the Republic of Cyprus, as a result of getting rid of the colonial yoke after the unparalleled struggle of our people for freedom,’ the President said at the beginning of his address.

He noted that independence was a milestone in Cyprus’ long history, while the establishment of the Republic of Cyprus constitutes the people’s greatest achievement, which we must safeguard.

Unfortunately, he continued, today’s anniversary finds our homeland territorially and administratively amputated, due to the continuing 51-year presence of the Turkish occupying army following the illegal invasion of 1974, under the pretext of the Junta’s treacherous coup to overthrow President Makarios.

“Fifty one years later, the barbed wire of occupation keeps our country divided and prevents its lawful residents from moving freely, living peacefully, and creating under conditions of security and prosperity throughout the territory of the Republic of Cyprus, as they deserve and as they are entitled to,’ he said.

Nevertheless, he noted that the Cypriot people stood firm ‘and with the Republic of Cyprus as their shield succeeded in rebuilding the state and the economy under the difficult and tragic conditions of occupation. On the foundation of international legitimacy, the Republic of Cyprus evolved into a modern state, and in 2004, 30 years after the 1974 tragedy, joined the great European family. This important transformation, the greatest diplomatic success since independence, has changed our country’s fate for the better and laid the foundations for a sustainable future for our people,’ he stressed.

President Christodoulides underlined that from the first day his assumed his duties, he set as his highest goal the resumption of negotiations for a solution to the Cyprus problem from the point where they were interrupted in the summer of 2017 in Crans-Montana. ‘It was not easy, after so many years of deadlock and lack of movement, to once again activate the international factor, especially amid two wars which are still shocking the international community,’ he said.

He noted, however, that with method and determination ‘we succeeded in reactivating the international community on the Cyprus problem, as expressed through the initiative undertaken by the UN Secretary-General that is now under way. We achieved this through the clear linkage of EU-Turkey relations with progress on the Cyprus issue and Turkey’s Cyprus-related obligations, as explicitly recorded in the European Council Conclusions,’ he said. He added that this was also achieved through the more active involvement of the European Union in the Cyprus problem, as expressed in the joint letter of the Presidents of the European Council and the European Commission to the UN Secretary-General, as well as the appointment of the EU Special Envoy for Cyprus, Johannes Hahn.

He noted that this was also achieved with the reappointment of Maria Ángela Holguín as the UN Secretary-General’s personal envoy.

Stating that ‘we are absolutely realistic’ and fully aware of the ‘long and difficult effort’ and the many challenges ahead, the President said that through the initiatives undertaken, ‘we have succeeded in reactivating the international factor and launching processes which we hope and work for to lead to the resumption of substantive negotiations for a solution to the Cyprus problem on the basis of the agreed framework and, of course, the principles and values of the European Union.’

He recalled that the initiative currently under way would have seemed inconceivable before 2023, when Ankara and Turkish Cypriot leader, Ersin Tatar, demanded recognition of sovereign equality as a precondition even for discussions or a UN-sponsored meeting.

‘Today, however, there is a window of hope. We may not be at the desired point. I certainly do not underestimate or downplay the challenges and difficulties, but developments keep hope alive and allow us to continue our persistent effort. That is why I am convinced that despite the difficulties and obstacles, the wall of occupation is not impenetrable. We only need to remain serious, persistent, methodical, and focused,’ he stressed.

‘The future belongs to us in a homeland that is changing’

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Alongside the efforts to resolve the Cyprus problem, the President also referred to efforts to strengthen all the country’s levers of power, both internal and external.

Domestically, he said, there is an ongoing effort for ‘bold and continuous reforms, for the modernization of institutions, for the strengthening of the rule of law, the fight against corruption, the management of migration, the upgrading of our homeland’s deterrent power, investment in social welfare, and of course the consolidation of the sense of security.’

He said that the prerequisite for all this is a strong and resilient economy, built through a responsible fiscal policy that secures growth for the benefit of the people as a whole and allows the pursuit of targeted social policy.

‘I am pleased with the performance of the Cypriot economy, among the highest in Europe, and indeed in the midst of two wars. Growth rate among the highest in Europe, full employment in the labor market, a downward trajectory of public debt, and much more are the result of the responsible economic policy we follow on the basis of social liberalism. This allows us to implement targeted policies to support the vulnerable, the middle class, households, and our businesses,’ he noted.

He added that the continuous upgrades by all major credit rating agencies and praise from European and international institutions amount to a vote of confidence in the country and the Cypriot economy, ‘for which we are all entitled to be proud.’

At the international level, ‘the Republic of Cyprus walks the path of responsibility,’ the President said, noting that Cyprus is assuming an active role as a pillar of security and stability in the Eastern Mediterranean and the wider Middle East.

‘Cyprus is making use of its geographical position and turning it into a strategic advantage in a region plagued by prolonged crises. As a consistent, predictable, and responsible partner, it remains a reliable and safe harbor. Through specific initiatives, through actions and not words, our homeland is becoming a hub of stability, a transit station for the safe evacuation of civilians, a corridor for humanitarian aid, and a beacon that illuminates the path of peace and cooperation,’ he said.

He emphasized that this is recognized worldwide, and expressed pride that Cyprus walks this ‘path of responsibility.’ ‘And we are determined to expand it – always as part of the solution and never part of the problem,’ he added.

Regarding the upcoming assumption of the rotating Presidency of the Council of the European Union by Cyprus, the President stressed that ‘we are fully prepared to demonstrate in practice that we can assume responsibility for Cyprus and for the European Union,’ adding that ‘I have no doubt that we will fulfill this responsibility with full awareness of today’s needs for the well-being of millions of European citizens, and the pressing need for stronger multilateralism, greater integration, and more cooperation between Europe and the rest of the world, for a stronger, safer, and more autonomous Union.’

President Christodoulides said that today fills us with pride for what our people have achieved over the past 65 years of the Republic of Cyprus’ existence.

‘Together, we give the promise that we will continue the struggle until the long-awaited day of justice, liberation, reunification. We have the capabilities, the optimism, the faith, and the will to make this land again a common homeland for all its lawful residents. We want to, and we can, have a common future with our Turkish Cypriot compatriots in a united homeland, a member state of the European Union, where its principles and values will apply without exception to all,’ he said.

‘We also have the diligence and humanity as a people to be a prosperous and compassionate society. The future belongs to us in a homeland that is changing. Happy Independence Day, Cyprus,’ he concluded.

Cyprus has been divided since 1974, when Turkey invaded and occupied its northern third. Repeated rounds of UN-led peace talks have so far failed to yield results due to Turkish intransigence. The latest round of negotiations, in July 2017 at the Swiss resort of Crans-Montana ended inconclusively.

Cyprus’ defence capabilities will be upgraded, Minister Palmas says

Ministry of Defence will continue to make every effort to strengthen Cyprus’ defence and to upgrade its operational capabilities said Minister Vasilis Palmas, in press statements following the military parade for Cyprus’ Independence Day, in Nicosia on Wednesday.

He stressed that the government remains firmly committed to the modernization of the armed forces in order to be able to respond adequately and effectively to modern multi-level challenges and to continue being a pillar of cooperation and stability, as well as a reliable regional partner.

Palmas said that October 1st is a milestone in the modern history of our homeland and a reminder of the struggles, sacrifices and vision of our people for freedom and independence.

He went on to say that today is a day of remembrance and reflection that calls us to honor the national struggles of the past and draw strength for the future. The Minister said that today we honor all those who sacrificed their lives for freedom and all those who continue to work with dedication for our security.

Palmas referred to the decisive role played by the National Guard, describing it as the guardian of the sovereignty and territorial integrity of the Republic of Cyprus.

He congratulated all those who participated in today’s parade and thanked the Greek Deputy Minister of National Defence, Thanasis Davakis, for his presence which demonstrates, he said, the stable and unbreakable bonds of friendship and cooperation between Cyprus and Greece.

Cyprus a valued partner of the US Rubio says, congratulating for independence anniversary

The Republic of Cyprus is a valued partner of the United States, said State Secretary Marco Rubio in a written statement by which he congratulates the people of Cyprus for the 65th anniversary of the Republic’s independence.

The State Secretary also underlined that his country is committed to a Cypriot-led, UN-facilitated comprehensive settlement “to reunify the island as a bizonal, bicommunal federation with political equality for all Cypriots.”

He noted that the bilateral collaboration “increases commercial trade, combats illicit financial flows, and strengthens regional security allowing citizens of both our nations to prosper.”

“We are especially grateful for the Republic of Cyprus’s assistance in securing the safety of U.S. citizens in crisis zones, one of our highest priorities,” Rubio said.

“We are also committed to a Cypriot-led, UN-facilitated comprehensive settlement to reunify the island as a bizonal, bicommunal federation with political equality for all Cypriots,” he concluded.

Cyprus has been divided since 1974, when Turkey invaded and occupied its northern third. Repeated rounds of UN-led peace talks have so far failed to yield results. The latest round of negotiations, in July 2017 at the Swiss resort of Crans-Montana ended inconclusively.

UNSG met with the two leaders President Christodoulides and Turkish Cypriot leader, Ersin Tatar, last week in New York city. A fresh informal meeting in an extended format on Cyprus will probably take place in November, following two such meetings that took place earlier this year in Geneva and New York. In the meantime his personal envoy Maria Angela Holguin is expected in Cyprus the next weeks to prepare the new meeting.

Competitive Electricity Market must cut costs for consumers, Minister says

The Competitive Electricity Market was launched on Wednesday in Cyprus, with the Minister of Energy, Commerce and Industry, George Papanastasiou, stating that competition should reduce the cost of electricity for the consumers.

‘Today we first celebrate the 65th anniversary of the Republic of Cyprus, and at the same time we celebrate the launch of the Competitive Electricity Market,’ said George Papanastasiou, on the sidelines of the military parade for the Independence Day of the Republic of Cyprus.

As he said, the decision for the Competitive Electricity Market was taken in 2019. ‘The market should have opened at least two years later. Instead, today, 2025, we are opening the market, which provides that, once it operates with all the elements of a competitive market, consumers will have (the option for) different suppliers,’ he added.

The Minister stated that through the Competitive Market ‘we want to see a cost-reflective production from Renewable Energy Sources, to see in the electricity mix a stronger and greater share of RES”. That is, to push electricity costs in Cyprus downwards, through increased use of RES-based production, he added.

Asked to comment the fact that for the time being there seems to be no interest in supplying household consumers, the Minister said that a free electricity market presupposes that any consumers must be a target for suppliers. ‘If suppliers choose that their priority is only businesses, no intervention can be made. We would like to see suppliers give incentives to household consumers, so that their customer mix does not consist only of targeted large businesses, but also of many households, because only then will we see a truly free and competitive market,’ he stressed.

George Papanastasiou emphasized the importance of competition. ‘There must be competition. At the moment there are 8-9 suppliers. All of them must compete with each other, they will buy electricity from various sources every half hour, like a stock exchange. They must buy smart, to sell smart, so that the cost of electricity for the final consumer receiving the product is reduced,’ he underlined.

AKD meets Nippon Foundation Founder Sasakawa

President Anura Kumara Disanayake, yesterday met with Nippon Foundation Founding Chairman Yohei Sasakawa at the Imperial Hotel in Tokyo.

The discussion focused on further strengthening the long-standing friendship between Japan and Sri Lanka, the President’s Media Division said.

Sasakawa reiterated his commitment to enhancing livelihoods in Sri Lanka and outlined future plans for the renovation and modernisation of 100 schools in the Northern and Eastern Provinces.

President Disanayake conveyed his gratitude to Sasakawa for his dedicated efforts to advance the development and well-being of the Sri Lankan people and for his longstanding commitment to social service in Sri Lanka.

Sri Lanka Tourism affirms inclusivity

The Tourism Ministry and Sri Lanka Tourism Promotion Bureau (SLTPB) yesterday set the record straight amid recent debates over LGBTQ-themed events, noting Sri Lanka values diversity and respects all communities, whilst stressing that the Government has not launched specific tourism campaigns targeting LGBTQ+ travellers.

In a joint statement, they said that tourism promotion will continue to focus on the country’s cultural heritage, natural beauty, wellness and adventure experiences, reflecting Sri Lanka’s commitment to inclusivity, dignity and social harmony.

Following is the full statement.

‘The Tourism Ministry wishes to address the recent public discourse surrounding the Sri Lanka Tourism Promotion Bureau’s (SLTPB) communication regarding LGBTQ-themed events. We recognise the diversity of our society and affirm that every community, including the LGBTQ community, is a valued and respected part of it.

Sri Lanka has long been a welcoming destination for travellers from all walks of life. Our tourism legacy is built on the warmth of our people, the richness of our culture, and the breath-taking beauty of our landscapes. We remain committed to promoting inclusivity, mutual respect, and hospitality for all visitors, regardless of background.

The Government is committed to ensuring equality for every Sri Lankan citizen and foreign tourist, regardless of their ethnicity, religion, age, gender, sex, or sexual orientation, as enshrined in Article 12 of the Constitution and affirmed by the determinations of the Supreme Court of Sri Lanka. These principles guide our approach to tourism and public engagement, ensuring that Sri Lanka remains a destination that reflects dignity, fairness, and respect for all.

However, the Government has not decided to run a specific tourism promotion campaign targeting LGBTQ+ foreign tourists. While such proposals among others have been presented for consideration, they are part of broader discussions aimed at reinforcing Sri Lanka’s image as a safe and welcoming destination for all travellers. Any future initiatives will be carefully evaluated within the framework of national tourism priorities and social harmony.

Sri Lanka is a country that respects all genders and communities, along with their individual identities. This respect, however, should not be misinterpreted as an endorsement or promotion of any particular sexual behaviours or activities. Our intention is to create space for individuals-should they choose-to engage with globally recognised institutions and platforms where they can express their perspectives freely and safely.

As a civilized society, it is essential that we approach such matters with maturity and understanding. No citizen or visitor should be judged or measured based on their gender identity or orientation. Our strength as a nation lies in our ability to uphold dignity, fairness, and mutual respect for all.’

According to the statement issued by the Sri Lanka Tourism Development Authority Chairman, this reflects one of many outreach efforts aimed at engaging global audiences, it does not signal a change in the Government’s core tourism strategy. ‘Our national approach continues to prioritise Sri Lanka’s unique cultural heritage, wellness and nature-based experiences, adventure tourism, and spiritual journeys-elements that have consistently positioned our country as one of the world’s most cherished travel destinations,’ he stated.

We acknowledge that the topic has generated concern among certain segments of society. As a Government, we are mindful of the sensitivities involved and wish to reassure the public that our tourism promotion remains rooted in unity, tradition, and the shared values that define Sri Lankan society. We believe in celebrating the full spectrum of Sri Lankan identity while ensuring that tourism continues to be a source of pride and prosperity for all citizens.

We respectfully call upon all stakeholders, including political and religious leaders, civil society, and the general public, to approach this matter with understanding and calm. Let us work together to present Sri Lanka to the world as a destination of warmth, diversity, and timeless appeal-one that reflects the true spirit of our people.’

Sonali Ranasinghe becomes TAASL’s first-ever female President

At the landmark 50th Annual General Meeting of the Travel Agents Association of Sri Lanka (TAASL), held on 9 September aboard the Genting Dream Cruise, history was made when Delair Travels of Delmege Group Chief Operating Officer Sonali Ranasinghe, was appointed as the first female President of TAASL.

This milestone is a moment of immense pride for the Delmege Group, which is celebrating 175 years of business excellence in 2025. It reflects the Group’s ongoing commitment to investing in talent, empowerment, and professional development, while further strengthening its leadership across diverse industries.

With over 30 years of experience in the travel industry, Sonali brings a wealth of expertise, insight, and leadership to her new role. Her tacit knowledge and proven track record positions her to not only guide TAASL effectively but also to chart a bold course for growth and innovation in the sector.

Sonali Ranasinghe said: ‘It is both an honour and a responsibility to step into this role as TAASL’s first female President. TAASL has always been the unifying voice of the travel industry, bridging communication with the Government, airlines, and other stakeholders. During my tenure, I will focus on expanding training and knowledge-sharing opportunities for industry employees, strengthening collaboration with airlines, and working closely with embassies and consulates to streamline processes. Together, I believe we can elevate the travel industry to new heights.’

She emphasised that training, professional development, and stronger stakeholder collaboration would be key priorities to ensure better service standards and industry advancement. She will be supported by a dynamic executive team committed to delivering a productive year for the industry.

Delmege Group Managing Director Dinusha Bhaskaran said: ‘We are incredibly proud of Sonali’s groundbreaking appointment as the first female President of TAASL. This achievement is a testament to her resilience, dedication, and expertise, and it also reflects the Delmege Group’s ethos of empowering leaders to make a meaningful impact across industries. We are confident that under her leadership, TAASL will continue to grow stronger and play an even greater role in shaping the future of Sri Lanka’s travel sector.’

‘Sonali’s historic appointment marks a defining milestone for the travel industry in Sri Lanka, one that not only celebrates progress, inclusivity, and visionary leadership, but also transcends traditional gender barriers to inspire a new era of leadership.’

Blending roots and modernity: Ganga Addara by The De Lanerolle Brothers

Ganga Addara isn’t just another concert; it’s a celebration of Sri Lankan music with a powerful blend of tradition and innovation, taking place on 2 October at the Lionel Wendt Theatre.

At the heart of the evening is the specially expanded DLB Squared Band, featuring sitar, tabla, along with contemporary instruments. Together, they will give beloved local classics a captivating fusion of tradition and innovation, promising audiences an exhilarating musical journey.

For a visual complement to the music, the brothers will perform in outfits designed exclusively through a collaboration between Sonali Dharmawardena and Asanka de Mel of LOVI. Created especially for the concert, the designs embody a unique blend of heritage and modernity.

‘With Ganga Addara, we wanted to honour Sri Lanka’s musical roots while daring to present them in a new way,’ said Ishan De Lanerolle. ‘The sitar, the tabla, the band, and even our stage wear are all about blending heritage with innovation for one unforgettable night. We’ll also be performing completely unamplified-which is a rare challenge with so many instruments on stage-but that’s the thrill of the journey! The stage itself will be set very differently to create a truly immersive experience, and we’re deeply grateful to Sonali Dharmawardena and Asanka of LOVI for coming together to design these special outfits.’

The evening promises a colourful, vibrant, and immersive atmosphere, making Ganga Addara a celebration of Sri Lankan music and style.

Tickets, priced from Rs. 1,500 (balcony) to Rs. 10,000 (premium stalls), are moving fast with stalls nearly sold out. For reservations, call, text or WhatsApp 0777 996 991.

Money market liquidity increases to near 4-month high

The overnight net liquidity surplus in the inter-bank money market surged to Rs. 198.79 billion yesterday, reaching the highest level since 05 June. An amount of Rs. 203.36 billion was deposited at Central Banks SDFR (Standing Deposit Facility Rate) of 7.25%, while an amount of Rs. 4.57 billion was withdrawn from Central Banks SLFR (Standard Lending Facility Rate) of 8.25%.

The weighted average rates on call money and repo were registered at 7.87% and 7.88% respectively.

Meanwhile, the Treasury Bills auction scheduled to be conducted today will have a total offered amount of Rs. 43 billion, an increase of Rs. 5.00 billion over the previous week. The auction will consist of Rs. 8.00 billion on the 91-day, Rs. 25.00 billion on the 182-day and Rs. 10.00 billion on the 364-day maturities.

For context, at the previous weekly Treasury Bill auction (held on 24 September) the weighted average yields remained unchanged. Accordingly, the rate on the 91-day, 182-day and 364-day tenors remained at 7.57%, 7.89% and 8.02% respectively. This marks the 10th week where T-Bill weighted averages have stayed mostly unchanged at auctions. In terms of subscription, 90.41% of the total offered amount was raised, with successful bids amounting to Rs. 34.35 billion against the Rs. 38.00 billion on offer in the first phase of competitive bidding. This marked the fifth consecutive auction that fell short of fully raising the targeted amount. Subsequent to the T-Bill auction an additional amount of Rs. 275 million was raised at the second phase.

The secondary Bond market remained largely subdued for a second consecutive day. Market participants adopted a watchful stance, leaving conditions at a virtual standstill for much of the session. Yields, however, edged up marginally during trading, with two-way quotes closing the day slightly up.

The 01.02.26 maturity traded at the rate of 8.00% and the 15.09.27 maturity was seen trading at the rate of 8.77%. The 15.03.28 and 01.05.28 maturities were seen trading at the rates of 9.05% and 9.10% respectively. The 15.06.29, 15.09.29 and 15.12.29 maturities were seen trading at the rates of 9.48%, 9.50% and 9.60% respectively. The 01.07.32 and 01.10.32 maturities were seen trading at the rates of 10.65% and 10.40% respectively. The 15.09.34 maturity traded between the rates of 10.82%-10.80%.

The Colombo Consumer Price Index (CCPI; Base 2021=100) for the month of September was recorded at a positive + 1.5% on its point to point. This is as against its previous month’s figure of + 1.20%, which was incidentally the first instance of positive inflation in 11 months up to that point. The annual average was registered at -1.4% as at September.

The total secondary market Treasury Bond/Bill transacted volume for 29 September was Rs. 2.30 billion.

Forex market

In the Forex market, the USD/LKR rate on spot contracts closed the day steady Rs. 302.55/302.60 unchanged against the previous day.

The total USD/LKR traded volume for 29 September was $ 103.05 million.