According to a new report by the Central Bank, in 2025 Cyprus recorded a significant decrease in the average monthly number of registrations of individuals and legal entities that issued bounced checks. Compared to 2024, the main register showed a decline of 47%, while the preliminary list decreased by 23%. This trend clearly demonstrates structural changes in the payment habits of both businesses and ordinary residents of the island.
Figures and Facts: Comparative Analysis
In more detail, in 2025 the average monthly number of registrations of individuals or legal entities amounted to just 9 in the main register and 10 in the preliminary list. For comparison, a year earlier these figures were 17 and 13, respectively. In other words, over 12 months the market has made a significant step toward financial discipline and modern technologies.
Throughout 2025, the Central Bank’s Governing Committee held 19 meetings. During these sessions, 202 applications from registered persons or their authorized representatives requesting removal from the register were reviewed. In addition, the committee made decisions on 15 requests to unblock funds in accounts frozen due to inclusion in the register. Each application was accompanied by a full set of required documents from the credit institutions where the relevant accounts are held.
Long-Term Dynamics: A Four-Year Trend
It is important to note that the decline in the number of bounced checks in Cyprus is stable. Looking at statistics from recent years, 473 checks were recorded in the register in 2022, 356 in 2023, 300 in 2024, and just 213 in 2025. This nearly 55% reduction over four years indicates systemic changes in economic behavior. The total value of “bad” checks also shows a positive trend: after peaking at €1.76 million in 2023, it stabilized at around €630,000 in 2025.
The register statistics reflect two key trends. First, the use of checks as a payment instrument continues to decline steadily. Second, the market is increasingly shifting toward electronic payment methods — instant transfers, app-based payments, and bank cards. These options are not only more convenient and faster, but also allow both parties to better control their finances and avoid situations involving insufficient funds.
Plans for 2026: Technological Upgrade
The main goal for 2026, as stated in the report, is to launch a project for the complete replacement of the existing electronic system of the Central Information Register. The new platform will fully comply with modern technological and regulatory requirements. It is expected that the updated system will make the process of recording and processing data on bounced checks even more transparent and efficient, continuing Cyprus’s course toward the digitalization of the financial sector.