The level of non-performing loans (NPL), although significantly reduced, remains high and is a challenge that must be faced, President Nicos Anastasiades said recently.

Six years on from the financial crisis and meltdown of the Cyprus banking sector that affected a large number of local as well as Russian depositors, Russian deposits continue to flee and seek banks in other countries.

The issue of new building permits, the benchmark measure indicating a healthy property sector, saw a year-on-year increase of 8.2% in January 2019, according to official data, maintaining the momentum of recent months that saw the number of building permits issued in 2018 reach their highest level since 2011.

Limassol Del Mar - The Signature Collection announces a stunning collaboration with Gianfranco Ferré Home

The coastal town of Larnaca, is expected to leap ahead of the other towns and make great strides in the maritime sector, securing €15m in EU funds to establish Cyprus’ first dedicated research centre.

The past three years have seen a surge in the demand for Cypriot passports by the UK’s Cypriot community, while over 1,000 passports were expected to be issued in 2019, it emerged recently.

Non-resident bank deposits registered a 13% drop in 2018 as a result of stricter anti-money laundering (AML) policies adopted by the banking sector, the central bank of Cyprus (CBC) said recently.

Melco, the company bringing City of Dreams Mediterranean, Europe’s first Integrated Casino Resort (ICR) to Cyprus, has announced new career opportunities at the satellite casino in Αyia Napa, scheduled to open in 2019.

Revenue from tourism reached €39.6m in January 2019 compared with €38.4m in the same month of the previous year, recording an increase of 3.1%, the statistical service said recently.

Airport passenger numbers in January and February 2019 increased by 7.6% compared to the same period last year, while a record number of almost 11 million passengers were handled by the island’s two airports in 2018.