The head of the Cyprus Hotels Association, Zacharias Ionnidis, announced a planned reduction in prices, which will be undertaken to restore the flow of Russian tourists.
Let us recall that in September and October of this year, the incoming tourist flow of vacationers from Russia decreased in comparison with the figures for 2013 by 16% and 29% respectively, which seriously affected income tourism industry of Cyprus.
Mr. Ionnidis believes that the forced reduction in prices for accommodation in hotels in Cyprus will help normalize the tourist flow. He noted that the income received by the country from tourism is 20% of the total (last year), but due to the reduction in production capacity in the Republic in 2014, the share of tourism in the economy may increase to 25%.
The main reason for the decrease in visits to Cyprus by Russians is said to be the fall in the exchange rate of the ruble to the euro and the dollar, which has caused serious increase in the cost of vacations for citizens of the Russian Federation.
