Governor of the Central Bank of Cyprus Constantinos Herodotou said on Thursday that the banking sector of Cyprus faces the effects of the Russian invasion of Ukraine from a financially sound position.

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The production and distribution of halloumi have not been affected by the war in Ukraine, said the Minister of Agriculture, Rural Development and Environment, Costas Kadis, saying that what they are trying to manage is the unallocated quantities from the pandemic period.

The rate of non-performing loans in the Cyprus banking sector increased to 11.7% of total loans in January from 11.1% at the end of 2021, data released by the Central Bank of Cyprus on Thursday show.

The Ministry of Finance has long been committed to introducing a financial instrument to support startups and innovative companies with equity financing, Finance Minister Constantinos Petrides has said, adding the agreement with the European Investment Fund to manage this new financial instrument is of paramount importance and a significant milestone in the government's efforts to enhance alternative financing.

Real estate stakeholders are concerned over the immediate prospects of the construction sector and warn against being duped by an upward trend in property sales, as the war in Ukraine will harm the industry.

Olympion beach in Limassol is in for an upgrade so as to ensure a clean and tidy environment for its many visitors, Limassol municipality said on Thursday.

Newly-appointed Transparency Commissioner Charis Poyadjis said the big bet is to reverse the atmosphere of mistrust prevailing in the society vis-à-vis the institutions.

Cyprus Chamber of Commerce and Industry (Keve) president Christodoulos Angastiniotis earlier this week said that the local businesses are now focused on enduring the current economic crisis.

The University of Cyprus downgraded its projection for economic GDP growth this year to 2.6% due to the Russian invasion of Ukraine, warning of potential deterioration in asset quality in the banking system due to rising inflation.