Recent statistics from the Central Bank of Cyprus show that the number of unsecured checks continues to decline. This trend reflects stricter control by financial institutions and a gradual improvement in the financial discipline of the island's businesses.
Number of violators has decreased
According to the Central Information Archive, 255 individuals and companies that wrote bad checks were blacklisted in 2022. In 2023, this number increased to 274; however, by 2024, it had decreased to 202. Notably, in the first seven months of 2025, only 63 violators were detected.
Thus, from January 2022 to July 2025, Cyprus's financial sector registered a relatively small number of 794 cases of unsecured checks.
Dynamics in terms of number and amounts
There has also been a decrease in the total number of uncovered checks. While there were 473 such checks in 2022, there were 356 in 2023 and 300 in 2024. In the first seven months of 2025, there were 145 cases.
The total amount increased from €1.51 million in 2022 to €1.76 million in 2023, but fell sharply to €617,000 in 2024. From January to July 2025, checks worth €312,000 were registered. Since the beginning of 2022, the total amount of unsecured checks is €4.21 million.
Reasons for the improvement
Experts note that the reduction in unsecured checks is due to tighter banking controls, increased use of electronic payments, and greater attention to financial transparency by businesses. Another factor was the strengthening of the Cypriot economy from 2024 to 2025, during which time many companies stabilized their liquidity.
Significance for Business and the Economy
The decrease in unsecured checks positively impacts Cyprus's reputation as a financial center and creates a safer business environment. It also strengthens the trust between entrepreneurs and banks, reduces the risk in commercial transactions, and improves the investment climate on the island.