Inspectors from the troika of international lenders – European Commission, European Central Bank, International Monetary Fund – focused mainly on the banking sector during the third day of their Cyprus review mission.

Confidence could be restored by removing capital controls, guaranteeing all domestic deposits with EU backing and adopting a national financial services strategy.

International businesses are still using Cyprus as their base, despite the tough terms of the bailout which imposed a haircut on uninsured deposits to recapitalise the island’s largest banks.

Bank of Cyprus shares will remain suspended until January 31, according to the island’s stock exchange, after its shareholder structure was revamped by imposing losses on depositors.

The trade deficit has dropped thanks to a decrease in imports and boost in exports.

The outflow of deposits continued in September by €924 million with total deposits reaching €47,465 billion, according to Central Bank of Cyprus data.

The government has issued its 22nd decree, gradually lifting credit controls imposed to prevent a run on local banks and abolishing some measures that have hampered business transactions on the island.

Bank of Cyprus top brass are optimistic about the lender’s future, but non-performing loans are a key challenge to tackle to restore confidence.

A lab at the University of Cyprus (UCY) has undertaken significant research in the field of embryology, which could possibly help in the treatment of cancer.

Bank of Cyprus (BoC) top brass appeared optimistic about the lender’s future, although non-performing loans are a key challenge that has to be addressed before confidence in the sector will be restored.