Despite Fitch Rating's expectation for a downward pressure on covered bond ratings to ease in 2014 due to the stabilisation of sovereign ratings outlooks, most covered bond ratings in Cyprus have a Negative Outlook.

Cyprus and Greece are the only countries in the Eurozone, which recorded a negative inflation in November, according to recent figures by Eurostat.

The Central Bank of Cyprus announced recently that credit institutions are obliged to inform and explain adequately to borrowers experiencing financial difficulties, their rights and duties during the procedure of management of delays and loan restructuring.

Hourly labour costs in Cyprus dropped 7.6% year-on-year in the third quarter of the year, said Eurostat recently.

Cyprus may have hit the jackpot after Noble Energy announces that some 1.5 billion barrels of oil could lie in deep-water strata off the island’s southern coast.

Tourism arrivals dipped 2.9% in November compared to the same month last year despite an increase in Russian and British visitors.

The Cyprus Investment Promotion Agency (CIPA) observes a keen interest among foreign investors in Cyprus, a conclusion emanating from a number of international conferences in Russia, the U.S. and China.

The Cyprus Chapter of the FIABCI International Real Estate Federation has been upgraded to a 'Mediterranean Middle East Multinational Chapter'.

The trade deficit in Cyprus saw a big decrease in the first nine months of 2013, down by €900 mlm in relation to the corresponding period of 2012, according to recent data released by Eurostat.

Although 'strict and painful' the financial adjustment programme is the country’s only choice to exit the crisis, says the Central Bank of Cyprus (CBC) in its six-monthly economic bulletin.