As economic recovery consolidates, and the government revises its growth forecast to 4%, the reduction in non-performing loans may pick up in pace even as the ratio of restructurings drops, an economist said.

Cyprus, Italy, Greece and Israel agreed recently to back the construction of a gas pipeline from newly discovered fields in the eastern Mediterranean to Europe.

The countercyclical capital buffer (CCyB) rate for the period 1 January 2018-31 March 2018 has been set at 0%, the Central Bank of Cyprus said recently.

A new research centre on Interactive media, Smart systems and Emerging technologies (RISE) has opened in Nicosia – it is hoped the centre will rejuvenate a deprived area, very close to the buffer zone.

The number of property transactions rose an annual 39% in November to 906, the highest figure this year, the Department of Lands and Surveys said.

DBRS Ratings Limited (DBRS) has confirmed Cyprus’ Long-Term ratings at BB (low) and changed the trend to positive from stable, according to a recent announcement.

Cyprus continues to be a highly competitive centre for international businesses, despite the economic difficulties the country faced in the last few years, President of Cyprus Nicos Anastasiades has said.

Finance Minister Harris Georgiades said the Cypriot economy will expand 4% this year, up from a previous forecast of 3.5%, and will continue growing an average 3% over the next three-year period.

Bank of Cyprus said recently it will outsource the management of up to €800 million in non-performing loans to Australia’s Pepper Europe (UK) Ltd as part of a ‘strategically important’ agreement after it got the go-ahead from its board of directors and its workers’ union, Etyk.

The Central Bank of Cyprus said it fined RCB Bank €800,000 citing the Russian-owned lender’s failure to comply with provisions of anti-money laundering legislation.