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.

President Nicos Anastasiades said that the opening of the Japanese embassy in Cyprus marks a historic milestone in the relations of the two countries and announced that a Cypriot embassy would open in Tokyo by the end of 2018.

Three US financial asset management companies are considering buying up to €5bn in non-performing loans from Bank of Cyprus as part of the bank’s project next month, Bloomberg reported recently citing unnamed sources.

The consortium Exxon Mobil-Qatar Petroleum is expected to receive the necessary offshore drilling licences in the coming days, reports said recently.

Hermes Airports Ltd and Integrated Casino Resorts Cyprus Ltd (ICR Cyprus) announced the signing of a commercial agreement with which the airport operating company provides ICR Cyprus with two specific locations in the terminal building of Larnaca Airport in order to create a 'satellite casino' in the coastal town.

Cyprus is the fourth most popular tourist destination among Russians this summer according to a survey carried out by the new agency Ria Novosti — up two places from sixth in 2017.

Almost a decade after the 2008 real estate bubble burst, Cyprus’ ratio of non-performing loans in the real estate and construction sector remain among the highest in the European Union (EU) and European Economic Area (EEA), the European Banking Authority said.

Cyprus ranks third in the Eurozone in terms of the percentage of secured deposits (up to €100,000) in its banking system, marking the size of risk in a potential banking crisis, according to a feature by rating agency DBRS.