CTO’s board and the chairmen of Cyprus Hotels Association, Association of Cyprus Tourist Enterprises and Association of Cyprus Travel Agents agreed the main reason for the slump was the Russian Rouble to Euro exchange rate.
They also decided that coordinated efforts from all stakeholders could see the loss from the Russian market eclipsed by other source markets.

The stakeholders also acknowledged May had failed to live up to the expectations raised by tourism arrivals and booking during first four months of the year and agreed to meet more often to monitor Cyprus’ tourism developments and take timely corrective measures when needed.