Delinquent loans in the Cypriot banking system fell in November 2017 by €284.2m in a month and by almost ten times as much in a year to €21.1bn or to 43.7%, the lowest in almost four years, the central bank said.

CyprusProfile talks to Stelios Americanos, Managing Partner of Stelios Americanos & Co LLC, on key areas of opportunity or growth, and expectations for Cyprus in 2018

Hellenic Bank, the third largest Cypriot lender, said recently it had generated an after-tax loss of €45.7m in 2017, down from a €63.5m loss in 2016.

Cyprus’ unemployment rate fell to 9.8% in January 2018, from 10.3% in December, hitting a single digit for the first time in six years, the European Commission’s statistical office said.

A high-powered Cypriot delegation is in Russia to accelerate the exchange of technologies and boost collaboration on innovation and start-ups.

CyprusProfile talks to Stavros Pantzaris, Country Managing Partner of EY Cyprus, on key areas of opportunity or growth, and expectations for Cyprus in 2018

The government last year generated a fiscal surplus on a cash basis of €360.7m or around 1.9% of the economy compared to a surplus of €82.4m in 2016 as higher revenue offset an increase in spending, the statistical service said.

CyprusProfile talks to Alex Mouradian, Sales Director Hellas, Cyprus & Malta of SAP Cyprus Ltd, on key areas of opportunity or growth, and expectations for Cyprus in 2018

Bank of Cyprus said that it generated in 2017 an after-tax loss of €554.3m compared to a net profit of €67.2m in 2016 mainly on increased provisions for loan impairments in line with its August profit warning.

The amount of deposits in Cypriot banks fell in January by €557.9m to €48.6bn in a month while total loans rose for a third consecutive month by €53m to €51.1bn, the central bank said.