President Christodoulides – Holguin meeting underway

The meeting between President Nikos Christodoulides with the UN Secretary-General’s Personal Envoy, Maria Angela Holguin is underway at the Presidential Palace on Monday morning.

Holguin arrived at the Presidential Palace shortly before 9:00 a.m.

At 3:00 p.m. she is expected to meet with Turkish Cypriot leader Tufan Erhurman.

This is Holguin’s second visit to Cyprus this year, following her visit in January, when she held a joint meeting with President Christodoulides and Erhurman at the residence of the UN Secretary-General’s Special Representative, in the buffer zone near the old Nicosia airport.

Holguin will be on the island for one week.

Ministers underscore importance of EU funds in tackling migration

Interior Minister Konstantinos Ioannou said that approximately pound 800 million is expected to be allocated to the Republic of Cyprus for the 2028-2034 period specifically for the policy areas covered by the Funds, such as migration, security and border management, underscoring the EU’s emphasis on these sectors.

At the same time, Deputy Minister for Migration and International Protection Dr. Nikolas Ioannides said that that Cyprus must ensure not only the preservation but also the increase of funds allocated for migration.

The ?inisters were addressing on Monday the 4th Monitoring Committee for the Home Affairs Funds held in Nicosia.

Ioannou said the Committees play a crucial role in effectively overseeing the implementation of the Funds’ programmes and in the proper planning, coordination and programming of the resources allocated to Cyprus under the Home Affairs Funds.

The Directorate of European Funds at the Interior Ministry, he explained, advances implementation of both European and national policies through strategic planning, as reflected in the relevant programmes decided at European and national levels. A core priority for the Directorate remains optimal utilisation and maximum absorption of the funds provided by the European Commission to Cyprus, said Ioannou.

Regarding the 2021-2027 programming period, Ioannou said the European Commission has approved a total allocation of pound 304 million to Cyprus so far – an increase of more than 70% compared with the previous programming period. With national co-financing included, the total for the current period already amounts to pound 375 million.

In implementation of the current programming period’s actions, he added, 95 projects have been completed or are underway, with total committed funds amounting to pound 271 million.

Equally significant, Ioannou noted, is the Commission’s approval of an additional pound 98 million for projects addressing effective management of migration. With the contribution of national resources, the total additional amount reaches pound 105 million, he remarked.

Consequently, for the current programming period the total approved amount for Cyprus stands at pound 480 million, Ioannou said.

Referring to the work of the Directorate of European Funds, he said it has taken on additional responsibilities beyond its core duties. These include signing and implementing a grant agreement directly with the European Commission to deliver the ambitious projects for the ‘Limnes’ Reception Centre and the Pre-Removal Centre in the Menogeia area, as well as coordinating Cyprus’s preparations for implementation of the EU’s National Action Plan under the Pact on Migration and Asylum, which comes into force on 12 June 2026.

The Directorate has already allocated the Pact funds to programme projects to meet pressing migration needs and fulfil obligations arising from the Pact, said Ioannou.

Ioannou reiterated that the estimated pound 800 million for 2028-2034, earmarked for migration, security and border management, highlights the EU’s prioritisation of these policy areas.

On his part, Ioannides, said that Cyprus must ensure not only the preservation but also the increase of funds allocated for migration, with the greater part of expenditures covered by European financing.

In his address, Ioannides said the session provides a substantive opportunity to review programme progress, the use of European resources and the practical outcomes of projects being implemented. For the Deputy Ministry, he added, the Home Affairs Funds are a key tool for strengthening the asylum, reception, migration and return system.

Cyprus, as a frontline member state, has increased and ongoing needs in these areas, Dr. Ioannides stressed, noting that European funding plays a decisive role in turning these needs into concrete interventions with measurable results.

Dr. Ioannides said that two significant interventions for the national reception system where scheduled to be presented at the conference, the construction of the Reception Centre and the Pre-Removal Centre at ‘Limnes,’ as well as the upgrade of the Pournara First Reception, Sorting, Accommodation and Identification Centre (FRONTEX-style First Reception Centre).

Regarding the ‘Limnes’ project he said, construction of the Reception Centre with a capacity of 1,000 people is underway and is expected to be completed in September of this year; it will substantially enhance the capacity for dignified accommodation of asylum seekers and help relieve pressure on urban areas. At the same time, the establishment of the Pre-Removal Centre, which has already begun operation, strengthens the capacity for more organised management of return procedures, he added.

Similarly, Ioannides said, the upgrade of the Pournara Reception, Sorting, Accommodation and Identification Centre is an important intervention to adapt the national reception system to new requirements, as procedures provided for by the EU’s new Pact on Migration and Asylum will be implemented at the Centre.

Cyprus ranks last in Eurozone for deposit rates, improvement in mortgage lending

The transmission of European Central Bank (ECB) interest rate changes to the Cypriot banking market remains weaker than in most Eurozone countries, according to a new analysis by the Central Bank of Cyprus (CBC) accompanying April 2026 interest rate data.

The analysis shows that Cypriot banks pass on ECB interest rate changes to depositors, and in some cases borrowers, to a lesser extent than their European peers, with the largest divergence recorded in deposit rates, which remain the lowest in the Eurozone.

Lowest deposit rates in the Eurozone

According to the CBC, deposit rates in Cyprus now represent the most significant deviation from the Eurozone average. During the ECB’s monetary tightening cycle, Cypriot banks transferred a smaller share of interest rate increases to depositors compared with most euro area countries. Likewise, the adjustment during the recent period of rate cuts has also been more limited.

This trend is particularly evident in new term deposits by households and businesses, where Cyprus records one of the weakest levels of monetary policy transmission in the Eurozone.

Indicatively, the average interest rate on new household term deposits with a maturity of up to one year stood at 1.20% in April, remaining significantly below the Eurozone median of around 1.8%.

Mortgage lending closer to the Eurozone average

The picture differs on the lending side. The CBC finds that the transmission of ECB interest rate changes to mortgage loans is generally in line with Eurozone levels.

However, the pass-through of both interest rate increases and the recent rate cuts to business loans remains weaker than in other euro area countries, highlighting continuing structural characteristics of the Cypriot banking market that affect the monetary policy transmission mechanism.

Borrowing costs continue to ease

The analysis accompanies the April interest rate statistics, which show a further easing in borrowing costs.

The average interest rate on new housing loans fell to 3.92% in April from 4.14% in March, while the corresponding rate on new business loans of up to pound 1 million declined to 4.63%.

Despite the reduction in lending rates, the CBC notes that the Cypriot market continues to differ from the rest of the Eurozone, particularly on the deposit side, where the gap with European averages remains significant.

The report also recalls that total private sector deposits declined in April, while the annual growth rate of lending slowed, developments that had already been highlighted by the Central Bank earlier this month.

President expresses cautious optimism, says Cyprus talks are now focused on substance

President of the Republic of Cyprus, Nikos Christodoulides, said on Monday that he was ‘cautiously optimistic’ following his meeting in Nicosia with the UN Secretary-General’s Personal Envoy, María Ángela Holguín, noting that discussions are now focusing on the substance of the Cyprus issue and that it would be a ‘long summer.’

He also said that he intends to convene the National Council next week.

Speaking to reporters after a meeting of approximately 45 minutes with Holguín, and to a comment by a journalist that the UNSG personal envoy appeared more optimistic than on previous occasions, he said, ‘indeed, it was a very good and very interesting discussion.’

‘Following everything that began after the Secretary-General’s meeting with the President of Turkey and our own meeting in Brussels, we are working towards preparing a meeting in a broader format during which the resumption of negotiations will be announced,’ he said.

‘I am cautiously optimistic,’ he added, noting that he would meet Holguín again later this week.

‘It is important that she will visit Turkey, Greece and Brussels before returning to Cyprus,’ he said, adding that, within this framework, he intends to convene the National Council next week.

‘Our objective is clear. We know where we want to go, we know what we are seeking to achieve, and I hope that this cautious optimism, based on what we discussed today, will be translated into something very concrete and tangible,’ he said.

Asked whether any dates had been discussed regarding the proposed meeting, the President said that he and Holguín had discussed certain possible dates. ‘I cannot disclose them, it would not be appropriate. I was sounded out on several dates. It will be a long summer,’ he said.

Asked whether any specific ideas or framework had been presented as the basis for the process, the President said he did not wish to go into details.

‘We want a result more than anyone else, so I want to be measured in my public statements,’ he said, adding that the objective is to reach a meeting in a broader format whose outcome would be an announcement for the resumption of negotiations.

Asked whether this would take place within the framework of a specific plan, the President said: ‘We are always talking about the substance of the Cyprus issue, let me make that clear – about the chapters of the Cyprus problem. We are not talking about something different or something else. We are discussing the substance, very important and substantive issues, and on that basis, if we reach the desired objective, I repeat, an expanded conference will be convened which will announce the resumption of negotiations.’

Asked whether negotiations would resume from the point they left off at Crans-Montana, he said, ‘that is our objective. We have said it many times, and I repeat it again today.’

In response to a question on whether the Secretary-General would prepare a negotiating document, the President said he did not wish to go into details.

‘It is not a question of the Secretary-General preparing something. You understand that the Secretary-General operates within a specific framework, namely the mandate given by the United Nations Security Council. This effort to sound out the parties began in March with the aim of reaching the desired outcome,’ he said.

Asked whether the aim remained to hold the expanded meeting during the summer, he said, ‘we are ready at any time’, noting that the summer has already begun. ‘As I said earlier, this will be a summer during which we will be here and continue working’, he added.

‘I do not want us to rush. What matters is not whether it takes place in July, August or at the end of June. What matters is that we get there. If we do not get there, then there is no point discussing when it might happen,’ he added, replying to another question.

Asked whether the ideas under discussion would also be presented during Holguín’s contacts in Ankara, the President said that this effort had already been underway since March.

‘The decisive development, if you like, was the Secretary-General’s meeting with the Turkish President and, subsequently, our own meeting in Brussels. The Secretary-General’s contacts with the institutions of the European Union have also contributed to creating momentum,’ he said.

‘Discussions are now specific and focused on substance. They are no longer general and vague conversations. Based on what we discussed today, I want to say that I am cautiously optimistic,’ he added.

Asked whether a joint meeting with the Turkish Cypriot leader had been discussed, the President said it had not but that if such a possibility were to arise, he would be ready.

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.

In 2025 the Secretary-General hosted two informal meetings on Cyprus, in March in Geneva and in July in New York, while a tripartite meeting with the Cyprus leaders was also held in late September, at the end of the UN General Assembly High Level Week. An informal meeting in broader format that was expected to take place before the end of 2025, is yet to be announced. María Angela Holguín, the UN Secretary-General’s Personal Envoy on Cyprus, is tasked to engage with the parties.

Cyprus and Kyrgyzstan sign Elimination of Double Taxation Agreement

Cyprus and Kyrgyzstan signed on Monday an Agreement for the Elimination of Double Taxation with Respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance, an Agreement of “high economic and political importance for the Republic of Cyprus”, the Ministry of Finance has said.

The Agreement was signed in Bishkek, Kyrgyzstan by Cyprus’ Minister of Foreign Affairs, Constantinos Kombos, and on behalf of the Kyrgyz Republic the Agreement by the Minister of Economy and Commerce, Bakyt Sydykov.

A Ministry of Finance press release said the signing and entry into force of this Agreement marks an important step towards further strengthening the bilateral economic, trade and investment relations between Cyprus and Kyrgyz.

The Ministry noted that the legal framework in the field of taxation is strengthened and reinforced further and at, the same time, the administrative and tax burden is reduced, without creating loopholes for tax evasion or tax avoidance.

According to the Finance Ministry, the Agreement has specific provisions for the Exchange of Tax Information as well as for the Mutual Administrative Procedure for resolving tax disputes cases, between the two jurisdictions.

The press release added that “expanding and upgrading the network of Tax Treaties, by signing another agreement, especially with such an important partner as Kyrgyz Republic, is of high economic and political importance for the Republic of Cyprus and aims to further strengthen and promote Cyprus as an international business center”.

PRESS RELEASE – UNIVERSITY OF CYPRUS

Press Release

The Oceanography Center of the University of Cyprus coordinates a new research project on climate resilience in the Mediterranean

A transnational alliance of scientific institutions for the protection of the seas through the MedJICARP project

A new research project, led by the Oceanography Center of the University of Cyprus, aspires to change the way the Mediterranean monitors and addresses the impacts of climate change. With a total budget of pound 2,808,453 from the Interreg NEXT MED Programme and a duration of three years, the MedJICARP project brings together scientists and organizations from eight countries, with the common goal of strengthening the region’s resilience to the climate crisis.

The Mediterranean Sea in crisis

The Mediterranean Sea is very sensitive to climate change, warming 20% faster than the global average, with marine ecosystems already impacted. Issues such as rising sea water temperatures, increasing salinity and invasive species, are already affecting sectors such as fisheries and tourism. The eastern Mediterranean in particular, is a hotspot of rising sea water temperatures, and therefore, countries in this region are in urgent need of increased climate resilience and adaptation capacity. As a result of large-scale warming, it is expected that the frequency and intensity of extreme events will increase. Such events include storm surges, erosion, flash floods, and Mediterranean hurricanes (‘Medicanes’). Further, many coastal areas are vulnerable targets for maritime safety and marine pollution. To respond to scientific and societal challenges in the Mediterranean, there is the need for a sustainable and cost-effective multi-platform observing infrastructure.

What MedJICARP will deliver

MedJICARP aims to provide a platform for the exchange of scientific knowledge, best practices, and lessons learned in operational oceanography for climate change monitoring. By combining expertise, modern equipment, and scientific collaboration, MedJICARP aims to:

Establish a transnational monitoring network of the marine environment, collecting and processing real-time data.

Develop forecasting tools for a better understanding of phenomena such as sea level rise and Mediterranean cyclones.

Strengthen civil protection and preparedness by providing authorities and relevant stakeholders with data for targeted adaptation measures.

Support fisheries and maritime businesses with reliable information to help them adapt to changing conditions.

Empower NGOs and civil society by providing access to data, educational tools, and collaborative platforms to promote adaptation policies.

Train and connect researchers and students by offering data and cooperation opportunities that will enhance climate research in the region.

Inform and raise public awareness so that citizens understand the impacts of climate change and actively engage in adaptation actions.

An international collaboration

The project brings together nine leading scientific institutions from eight countries:

University of Cyprus Oceanography Centre (Cyprus) – Coordinator

Cyprus Marine and Maritime Institute – CMMI (Cyprus)

Hellenic Centre of Marine Research (Greece)

L-Università ta’ Malta (Malta)

Università degli Studi di Palermo (Italy)

Instituto Superiore per la Protezione e la Ricerca Ambientale – Italian Institute for Environmental Protection and Research (Italy)

National Council for Scientific Research (Lebanon)

National Institute of Oceanography and Fisheries (Egypt)

National Institute of Marine Sciences and Technologies (Tunisia)

Beer deliveries down 2.4% year-on-year in May, exports plunge by 31%

Total beer deliveries in May 2026 fell by 2.4% compared with May 2025, mainly due to a significant 31% decline in exports, according to data published by the Cyprus Statistical Service on Monday.

Specifically, in May 2026, total beer deliveries (domestic market and exports combined) amounted to 4,389,649 liters, compared with 4,497,608 liters in May 2025, representing a 2.4% decrease.

Beer deliveries to the domestic market increased by 0.3% compared with May 2025, reaching 4,127,559 liters in May 2026.

In contrast, beer exports recorded a sharp decline of 31.3%, falling to 262,090 liters from 381,641 liters in May of the previous year.

Compared with the previous month, total beer deliveries increased by 984,623 liters, or 28.9%.

UNSG envoy says she is quite positive and optimistic, 5+1 meeting in July or August

UNSG personal envoy Maria Angela Holguin said she is quite positive and optimistic following a meeting she had on Monday afternoon with Turkish Cypriot leader Tufan Erhurman.

She described the meeting as very productive, adding that so was her meeting earlier with President Nikos Christodoulides.

“We are preparing the meeting of five plus one with the Secretary General. We don’t know yet the date, exactly the date, but in the coming months, July or August. So I am quite positive and optimistic, so we continue to push for that meeting and I hope we can have good results”, she said.

In a remark by a journalist that President Christodoulides said earlier that during this 5+1 meeting the resumption of talks is expected to be announced, the envoy replied: “We don’t know, you know, we will see what happens in that meeting. And if this [is announced] could be very good news, but I prefer to wait”.

She said that she is meeting with FM of Turkey Monday and then she is flying to Athens to see Greek FM.

Replying to a question she said that she is meeting with Turkish Cypriot leader again probably Saturday.

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.

In 2025 the Secretary-General hosted two informal meetings on Cyprus, in March in Geneva and in July in New York, while a tripartite meeting with the Cyprus leaders was also held in late September, at the end of the UN General Assembly High Level Week. An informal meeting in broader format that was expected to take place before the end of 2025, is yet to be announced. María Angela Holguín, the UN Secretary-General’s Personal Envoy on Cyprus, is tasked to engage with the parties.

Focus on Mediterranean Marine Ecosystem Protection by UCY Oceanography Centre

The importance of strengthening scientific cooperation for the protection of marine ecosystems in the Mediterranean under climate change conditions is highlighted by the Oceanography Centre of the University of Cyprus on the occasion of the United Nations World Oceans Day 2026.

The Oceanography Centre of the University of Cyprus participates in the United Nations World Oceans Day 2026, observed on 8 June, under the theme: ‘Revisiting: Beyond the world we know, a new relationship with our ocean.’

‘The theme calls for a redefinition of humanity’s relationship with the ocean and for the strengthening of the protection of marine ecosystems,’ the announcement states.

‘The celebration takes place at a time of increased international cooperation on ocean governance, following the entry into force of the Global Ocean Treaty,’ it adds.

The announcement notes that the Oceanography Centre contributes to the understanding of the marine environment of Cyprus and the Eastern Mediterranean, which is achieved through research activities and monitoring systems.

Cyprus Departyment of Meteorology – Forecast for the Sea Area of Cyprus (A)

CYPRUS DEPARTMENT OF METEOROLOGY

FORECAST FOR THE SEA AREA OF CYPRUS (A)

FOR THE PERIOD FROM 0600 08/06/2026 UNTIL 0600 09/06/2026

Area covered is 8 kilometers seawards.

Winds are in BEAUFORT scale. Times are local times.

Atmospheric pressure at the time of issue: 1011hPa (hectopascal)

Weak low pressure is affecting the area. The weather will be mainly fine but during dawn and tonight, locally increased low cloud will be present with local mist and or fog.

Visibility: Good, but moderate to poor in mist and very poor in fog

Sea surface temperature: 24°C

Warnings: NIL