RCB Bank intends to stay in Cyprus to continue developing its operations and adjusting to stricter anti-money laundering rules even as increasing geopolitical tensions, and subsequent sanctions imposed by the US and the EU targeting Russia, hurt the business environment, its top executive has said.

The government’s deficit rose from January to May 2018 by 70% to €386.9 million compared with the same period the year before on increased revenue, the statistical service said.

Fitch Ratings has placed Hellenic Bank’s long-term issuer default rating (IDR) of ‘B’ and Viability Rating (VR) of ‘b’ on ratings watch positive (RWP). Fitch has also affirmed the lender’s short-term IDR at ‘B’.

The tax department said recently it has upgraded the tax payment section on the JCCsmart website, aiming at making it more user friendly.

The Finance Minister said that Cyprus is under ‘intense pressure’ created by an increasingly strict banking supervisory framework to once more modernise its insolvency and foreclosure legislation, with banks facing potential fresh losses.

Cyprus Casinos (C2), the first authorised casino in the Republic of Cyprus has opened in Limassol.

Deposits in the Cypriot banking system rose in May 2018 by €201.2m in a month, to €50.9bn, as total lending fell by €66.8m, to €48.8bn, the Central Bank of Cyprus said.

Cyprus ranks 21st among the 28 EU nations on the European Commission’s latest digital scoreboard, published recently.

The Cyprus Stock Exchange said that it lifted the suspension of trading in Hellenic Bank, Demetra Investments and Logicom securities after being instructed to do so by the Securities and Exchange Commission.

The economic sentiment fell in June 2018 by 7 units to 109.1, as business confidence retreated across all sectors as consumers also got the jitters, the University of Cyprus said.