Over the past four years, Cyprus has experienced a consistent decrease in the number of unsecured checks. Recent data from the Central Bank confirms this trend. This trend indicates improved financial discipline among businesses and individuals, as well as more effective control of payment obligations by the banking system.
The number of violators has decreased
In 2022, 255 people in Cyprus were found to have issued checks without coverage. This number increased to 274 in 2023 and decreased to 202 in 2024. In the first seven months of 2025, only 63 people were found to have issued checks without coverage. A total of 794 cases were detected between January 2022 and July 2025.
The number and value of unsecured checks
The number of unsecured checks has also decreased: 473 in 2022, 356 in 2023, 300 in 2024, and 145 from January to July of 2025. The total value of unsecured checks was €1,518,669 in 2022, €1,767,912 in 2023, €617,873 in 2024, and €312,599 in the first seven months of 2025. The total amount for the entire period from January 2022 to July 2025 was €4,217,054.
Economic Context and Reasons for the Trend
Experts attribute the decline in the number of unsecured checks to an improved economic situation in Cyprus, increased confidence in the banking system, stricter payment instrument legislation, and the development of digital payment services. More and more companies and individuals are switching to cashless payments and electronic transfers, which minimizes the risk of not fulfilling obligations.
According to analysts, if the current trend continues, the number of violations could reach its lowest level in ten years by the end of 2025. This would send an important signal to investors and positively impact the country's business climate.