Makis Keravnos

The Cypriot Ministry of Finance stated on Monday that there are currently no risks to the Cypriot economy from regional developments.

However, it emphasized its readiness to closely monitor the situation and take necessary actions and measures, following an extraordinary meeting convened by Minister Makis Keravnos in the morning.
 
 
 
 
 
 

Israel's authorities requested the acceleration of procedures for the implementation of the Great Sea Interconnector project (Greece-Cyprus-Israel), in the section of the Cyprus-Israel power linkup.

The director general of the Energy Ministry, representing the government of Israel, stated that this is an important priority of the Israeli government to advance the project.

Greek central banker Yannis Stournaras is to sign a memorandum of cooperation between the Bank of Greece and the Central Bank of Cyprus on Friday.

To this end, Stournaras will visit Cyprus at the invitation of the governor of the Central Bank of Cyprus (CBC), Constantinos Herodotou, accompanied by the deputy governor of the Bank of Greece, Christina Papakonstantinou.

Cyprus is considering participating in the ambitious Great Sea Interconnector project, formerly known as EuroAsia, according to statements from government officials. The proposal, jointly submitted by the ministers of energy, commerce and industry, George Papanastasiou, and finance, Makis Keravnos, signals Cyprus' readiness to join forces with Israel and Greece in the massive project.

Cyprus' Council of Ministers has approved the establishment of a public consultation platform, known as e-consultation, Minister of Finance Makis Keravnos said after a cabinet meeting on Thursday.

He announced that cabinet approved the creation of the public consultation platform, as well as the regulatory framework that governs it.

The financing needs of Cyprus for next year amount to 1.3 billion euros, largely to be covered by the issuance of a €1 billion European medium-term note (EMTN), the Cypriot Finance Ministry's Public Debt Management Office (PDMO) said last week.

The Cyprus Chamber of Commerce and Industry (CCCI) agrees with Nicosia's priority to bring natural gas το Cyprus, in order to produce cheap electricity, said CCCI President Christodoulos Angastiniotis, after a meeting held between the CCCI and the country's President Nikos Christodoulides on Tuesday. 

The Cypriot minister of finance, Makis Keravnos, expressed his satisfaction with the conclusion of negotiations on a double taxation avoidance agreement with the Netherlands in a meeting Thursday with the Dutch ambassador in Nicosia, Elke Merks-Schaapveld, according to a press release by the ministry.

Cyprus' finance minister, Makis Keravnos, said that the ministry is considering reducing the value-added tax (VAT) for basic necessities to tackle high prices.

Cyprus Finance Minister Makis Keravnos has urged banks to restructure loans, maintain low lending rates and bank charges, and increase deposit rates in light of continued basic rate hikes by central banks. He warned that, otherwise, the government "would think differently of their intentions."