President Christodoulides announced a package of eight measures aimed at combating rising costs after four weeks of war in the Middle East

Macro/Political:

• Prime Minister Kyriakos Mitsotakis yesterday announced a sixth increase in the minimum wage since 2022, a move that reflects sustained economic progress while also sending a broader political message amid mounting domestic pressures.
  More specifically, Mitsotakis raised the minimum wage to EUR 920 per month, part of a cumulative increase of EUR 270 per month since 2019. He also set a longer-term target of EUR 950 by 2027.
  Source: Kathimerini

• The European Commission has positively assessed Greece’s seventh payment request for EUR 1.18 bn under the Recovery and Resilience Facility (RRF), the central pillar of NextGenerationEU.
  Following its assessment of the request, the Commission found that Greece has satisfactorily completed the 20 milestones and 6 targets set out in the Council Implementing Decision.
  Source: European Commission

• Total deposits placed by the private sector in February 2026 decreased by EUR by 445mn compared with a decrease of EUR 5,184 mn in January 2026.The annual growth of total deposits increased to 5.3% in February 2026 remained unchanged from the previous month. The annual growth rate of total credit extended to the domestic economy decreased to 4.2% in February 2026 from 4.9% in the previous month.
  Source: Bank of Greece

Markets:

• Metlen announced that, following a request from its external auditors, the publication of its FY25 financial results will be deferred by nine calendar days. The company reiterated its guidance for expected EBITDA in 2025 of around EUR 750 mn, in line with its previous communication on February 6.
  Source: ATHEX

Macro/Political:

• The Cyprus government yesterday announced a package of eight measures aimed at combating rising costs after four weeks of war in the Middle East. The measures include extending the reduced 5% VAT rate on electricity until May next year, while the fuel consumption tax will be reduced by 8.33 cents per litre between April and June. In addition, the VAT rate on meat, poultry, and fish will be reduced to zero from April to September. Planned green taxes on fuel, which were expected to increase retail fuel prices by 9 cents per litre, will not be implemented. The government will also cover 30% of wages for all workers in the hotel sector during April. Furthermore, it will develop a special plan to provide additional support to airlines to ensure seamless connectivity with key destinations and support tourism. Finally, the government will subsidise 15% of the cost of fertilisers and agricultural supplies for farmers during April and May. Importantly, President Christodoulides stated that the strong condition of the Cypriot economy has enabled the government to implement these measures.
  Source: Cyprus Mail

• The war in the Middle East is leading to a rise in tourist cancellations and a sharp decline in new bookings in Cyprus, and to a lesser extent in other countries whose economies rely heavily on summer visitors. Daily cancellation rates for short-term rentals in Cyprus surged from around 15% before the conflict to as high as 100% in the days that followed, according to data from U.S.-based AirDNA, which tracks such bookings. The Cyprus Hoteliers Association has recorded an almost 40% drop in bookings for March and a similar decline for April, the association’s director general, Christos Angelides, told Reuters.
  Source: Reuters

• Total deposits in February 2026 recorded a net increase of EUR 202.2mn, compared with a net decrease of EUR 851.2mn in January 2026.The annual growth rate of total deposits stood at 4,7%, compared with 5.3% in January 2026. The outstanding number of total deposits reached EUR 57.2bn. Total loans in February 2026 recorded a net increase of EUR 326.2mn, compared with a net increase of EUR 76.4mn in January 2026. The annual growth rate stood at 12.3%, compared with 11.2% in January 2026. The outstanding amount of total loans reached EUR 27.3bn.
  Source: CBC

Markets:

• Bank of Cyprus announced that, following its September 2025 announcement, the company received valid tenders totalling EUR 217 mn in principal amount of the Tier 2 Notes (XS2333239692), all of which were subsequently cancelled. Following the purchase and cancellation, EUR 83 mn in principal amount of the Tier 2 Notes remained outstanding. The bank has decided to exercise its option to redeem the remaining notes on April 23.
  Source: ATHEX