Tourist arrivals reached a record high this August and in the first eight months of 2018, data released by the Cyprus Statistical Service recently show.

The upgrade of Cyprus’ sovereign rating back to investment grade by Standard & Poor’s after rating it junk for more than six years justifies the efforts of the past five years, the government said recently.

Non-performing loans in the Cypriot banking system rose by €13.9m in May 2018, to €19.9m, compared with April, mainly on households failing payments, the Central Bank said recently.

Hellenic Bank said it has agreed with the Finance Ministry to transfer another 4,559 overdraft accounts from the Co-op with a €21m balance and a limit of up to approximately €25m in an amendment of the agreement to acquire its operations signed on June 25, 2018.

There are 28 foreign banks operating in Cyprus.

Cyprus’ trade deficit shrank by 6.5% in the first seven months, to €2.4bn, mainly on a strong increase in exports which outstripped imports, the statistical service said.

A bill which will regulate the uncontrolled online rental of short-term accommodation moved a step closer to a vote in the plenary after recent discussion in the House Commerce Committee.

The economy expanded in the second quarter of 2018 by 3.9% compared to the same period of 2017, the statistical service said recently.

Cyprus’ economy expanded in 2017 an upwards revised 4.2% in real terms compared to a previous 3.9%, the statistical service said.

Hellenic Bank, Cyprus’ second largest, said recently it generated an after-tax profit of €35.3m in the first six months of 2018 compared with a net loss of €28.9m last year.