Tourism in Cyprus will regain its stride during the 2022-2023 season, head of the Paphos hotelier’s association Thanos Michaelides said on Monday.

The Cypriot banking system posted the fourth highest liquidity coverage ratio in the EU at the end of 2019, according to the latest data published by the European Banking Authority (EBA).

The Republic of Cyprus raised € 1.25 billion Wednesday from the issue of 52-week treasury bills through private placement, with an annual yield of 0.50%.

Moody’s ratings agency said Wednesday it had revised its outlook for the Cypriot banking system from positive to stable to reflect the impact of widespread economic disruption caused by the coronavirus outbreak.

The cabinet on Wednesday approved a plan for the gradual lifting of restrictions and reopening vital businesses from early May, provided the epidemiological data allow it, Finance Minister Constantinos Petrides said.

The Cyprus Shipping Chamber (CSC) said the maritime industry will greatly benefit from the renewal of the shipping taxation system, which was unanimously approved by the House plenum on Wednesday.

EY Cyprus announces that, effective from 1 July 2020, David Barker will be EY’s new Country Managing Partner in Cyprus. He succeeds Stavros Pantzaris, who has served in this role over the last five years, a period during which EY has achieved market-leading growth, with headcount more than doubling. Stavros will continue as Chairman of the local Board, supporting the deepening of local relationships as well as serving clients as the Global Client Service Partner.

Cyprus’ GDP is projected to contract by 6.5% this year as a result of measures and policies being taken worldwide to contain the Covid-19 pandemic, the International Monetary Fund (IMF) has said in its latest World Economic Outlook.

Thirty-three new cases of coronavirus were announced by the health ministry on Tuesday, bringing the total to 695.

The deputy ministry of tourism has drawn up a flexible emergency action plan for the year 2020, which can be implemented depending on the developments regarding coronavirus it said on Tuesday.