Moody's Investors Service, has upgraded the government of Cyprus' long-term issuer rating to Ba2 from Ba3.

S&P Global Ratings said it affirmed its 'B/B' long- and short-term issuer credit ratings on Bank of Cyprus Public Co. Ltd. (BoC). The outlook is positive.

In a bid to be elected cultural capital of Europe for 2030, Ayia Napa is planning to build a 2,500 seat amphitheatre at a cost of €3 million, the resort’s Mayor Yiannis Karousos said recently.

Moody’s Investors Service said that while the latest legislative package passed by the parliament on July 8, 2018 can help banks reduce their bad loans stock, it also contains provisions that remain ambiguous.

The government faces €713m in debt maturities this year, including the second payment of €312.5m to the Russian Federation against a €2.5bn negotiated seven years ago, the Public Debt Management Office (PDMO) said.

Cyprus’ competition watchdog approved Hellenic Bank’s agreement with the Cyprus Cooperative Bank, lifting one more obstacle for the acquisition of the latter’s operations, Hellenic Bank said, hours before the government agreed to offer more compensation to Co-op workers affected by the deal.

Since the start of the new millennium, prices in Cyprus have increased by a total of 32.8% on average, with alcohol and tobacco rising a whopping 66% and almost 92% respectively, and food by over 60%.

Deposits in the Cypriot banking system fell last month by €745.2m compared to the month before to €50.2bn, as total loans rose by €305.2m to €46.7bn, the central bank said recently.

Bank of Cyprus, the island’s largest lender, said that the European Central Bank approved recently the appointment of Maria Philippou as member of its board of directors.

The University of Cyprus said that the economy is forecast to expand 3.9% in 2018 before growth slows down to 3.3% in 2019, amid a favourable external environment that may change, ongoing turbulence in the banking sector and deteriorating competitiveness.