Cyprus is likely to completely lift state controls on capital movement within months, finance minister Harris Georgiades told Reuters.

The decline in Cyprus’ economy slowed in the third quarter of the year as tourism gave the island a brief respite and seasonal lift.

Hydrocarbon reserves in the eastern Mediterranean were the focus of the 2013 Annual Conference of the PRIO Cyprus Center (Peace Research Institute Oslo) that was held in Nicosia.

The new president of the Cyprus Cooperative Central Bank (CCB), Nicolas Hadjiyiannis, said that immediate priorities include the appointment of a new chief executive and the drafting of a roadmap by the end of November which is a requirement set out by the Memorandum with the Troika of international lenders.

Eurogroup President Jeroen Dijsselbloem has expressed his full satisfaction over the course of the implementation of the Cyprus Economic Adjustment Programme, as presented in the progress report of the Troika of international lenders.

THE Cyprus Tourism Organisation (CTO) said yesterday it was “very optimistic” for tourist arrivals from the Ukraine, one of the island’s great white hopes in finding alternative, growing, markets to replace the shrinking ones.

The Cyprus Organisation for Standardisation (CYS) yesterday signed three memoranda of cooperation with the Standards Institute of Israel (SII), the industrialists union OEV and the European University of Cyprus.

Finance Minister Harris Georgiades said the government was working on proving the ratings agencies wrong, a day after Fitch said it expected the recession in Cyprus to be deeper than what international lenders forecast.

An International Monetary Fund (IMF) team of experts is in Cyprus to scrutinise the island’s solvency law, reports have said.

The banking sector may have been saved from the brink, with the taxpayer footing the bill, but the trickiest part of overhauling the economy and reining the national debt still lies ahead.