Consumers and companies continued to withdraw deposits from banks in Cyprus in July, where big account holders in the two largest lenders were forced to take a hit as part of an international bailout.

The CSE is planning to introduce a market for derivatives by the end of 2013 or early-2014 to boost revenue-earning capabilities and diversify the tools and services offered to investors.

The Natural Gas Public Company (DEFA) has wrapped up talks with Russia’s Itera on the potential interim supply to Cyprus of natural gas, and is now set to deliver a report to the government.

Around 37,000 Russian tourists are expected in Cyprus over the coming months following the decision by Russian budget airline Transaero to carry out daily flights to Paphos.

Cyprus’ fiscal deficit for the second quarter (Q2) of 2013 declined to €225.6 million compared with €409.4 million in Q2 2012.

The Cyprus government aims to reduce state spending by 10% in 2014, and reduce public deficit without imposing new taxes, says Finance Minister Harris Georgiades.

The Cypriot Government introduced on 24 May 2013 amended criteria and conditions for Cyprus Permanent Residency permits and Cyprus Citizenship to foreign investors in an effort to promote foreign investments to Cyprus.

Revenue from Value Added Tax in July reached €151.4 million, marking an increase of 1.4% compared with €149.2 million in the corresponding month of 2012.

The cabinet has decided to push development through long-term lease agreements to enable private investors to take on the management of government property.

The Cyprus cabinet has approved bills to strengthen the island’s anti-money laundering (AML) framework further and increase financial transparency.