Former Democratic Rally Leader Averof Neophytou Announces Presidential Election Bid

Macro/Political:

• The annual growth rate of total credit extended to the domestic economy increased to 3.5% in August 2026 and remained unchanged compared with the previous month. The annual growth rate of total deposits increased to 9.3% in August from 9% in the previous month. The monthly net flow of total credit was positive by EUR 38mn in August 2026, compared with a negative net flow of EUR 3,889 mn in the previous month. The monthly net flow of total deposits was positive by EUR 3,197 mn compared with a negative net flow of EUR 2,190mn in the previous month.
  Source: BoG

Macro/Political:

• Former Democratic Rally (DISI) leader Averof Neophytou announced yesterday that he will stand in the 2028 presidential election, citing the continuous deadlock in the Cyprus problem following high-level contacts in New York. More specifically, Neophytou said the latest meetings had failed to produce progress towards the resumption of negotiations and accused the government of failing to heed his repeated warnings that time was working against Greek Cypriots. He also criticised the country’s leadership for following what he described as the same well-worn approach. Averof stated that his campaign will focus on addressing the country’s major problems, improving prospects for young people, building what he described as a fairer society and, above all, achieving the reunification of Cyprus. His announcement came as Democratic Rally faces an internal debate over how its candidate for the 2028 election should be selected, with party officials insisting that the procedures laid down in the party’s constitution must be followed.
  Source: Cyprus Mail