The conclusions of the latest European Commission and European Central Bank review of the Cyprus economy were the most positive ones since 2013, Finance Minister Harris Georgiades said recently.

Hellenic Bank, Cyprus’ third largest lender, said recently that it generated a net loss of €23.4m in the second half of 2017 attributable to shareholders compared to a net profit of €0.7m in the same period of 2016.

Revenue from tourism rose an annual 5.8% to all-time high of €425.7m in July 2017 when arrivals rose 10%, the statistical service said recently.

The European Central Bank (ECB) said that while economic growth in Cyprus is picking up, it still needs reforms and fiscal discipline over the medium-term to be sustainable combined with a reduction in delinquent loans in the system.

The state-owned Cyprus Cooperative Bank said it generated a net loss of almost €8 million in the first six months of 2017 compared with a €49.8m net profit in the respective period of 2016.

The economic sentiment index rose in September 2017 by 4.1 units to 115 recovering most ground lost the month before, when it plunged 7 points, the University of Cyprus said.

Deposits in the Cypriot banking system rose in August 2017 to €49.1bn or by €427m in a month with total loans falling by €107m to €52.9bn, reducing the liquidity shortfall in the system to €3.8bn, the smallest since February 2013, the Central Bank of Cyprus said.

Fiscal issues, structural reforms and Non-Performing Loans (NPLs) are the focus of the third post memorandum review of the Cyprus economy.

The central government saw its revenue rise in January to August 2017 by €518.3m to below €4.1bn which matches 67% of total revenue expected to flow to the government’s coffers this year, the Treasury said.

Tourist arrivals are expected to exceed 3.6m in 2017, setting a new record, the Cyprus Tourism Organisation (CTO) said recently in a statement marking World Tourism Day.