Banks said yesterday they were all for a reduction in borrowing rates but not without a study into the potential effects of such a move.

Finance Minister Harris Georgiades said on Wednesday that Cyprus was in the process of stabilising following the messy bailout decision last March, which brought the island’s economy to the brink of collapse.

The Central Bank (CBC) has approved all the directors elected to the board of the Bank of Cyprus (BoC), the lender said, some 14 days after the AGM.

Texas-based Noble Energy is due to announce the results of its appraisal drilling at the Aphrodite gas field early October, the energy minister said.

The Interior Minister said yesterday there were still a few kinks to iron out with regards to implementing changes to the Immovable Property Tax (IPT) regulations.

Splitting the Bank of Cyprus (BoC) into two separate entities appears to have significant advantages, the Central Bank governor said yesterday, although such a move must be looked into carefully.

Cyprus can remain an excellent destination for international investors, Finance Minister Harris Georgiades told a conference in Nicosia yesterday titled, ‘The Future for Russian businesses in Cyprus’.

All capital controls should be lifted in the first months of 2014 with the exception of cross-border money transfers, says Finance Minister Harris Georgiades.

The Cypriot authorities have made commendable progress in implementing near-term stabilisation policies and they remain committed to taking further steps to restore financial stability and the sustainability of public finances to support long-run growth, IMF Chief Christine Lagarde said.

The IMF announced that it had approved the disbursement of €84.7 million in financial help to Cyprus.