A sustained increase in demand in building permits will help Cypriot banks improve their asset quality in the real estate sector, rating agency Moody’s said, as building permits in Cyprus reached a new high since the 2013 banking crisis.

A team of IMF experts currently in Nicosia to provide advice on matters of financial stability have urged the banks and authorities in Cyprus to hasten the restructuring of non-performing loans.

As of 1st July 2017, the tax treatment of intra-group financing arrangements has been amended in Cyprus.

Bank of Cyprus’ chief executive JohnPatrick Hourican said that the lender is considering unspecified steps to accelerate the reduction of its “monstrous” non-performing loans that make half of the total portfolio.

Work to install and stabilise a drilling platform at an offshore area within the island’s exclusive economic zone was going smoothly, the government said recently.

Assets under management in Cyprus have tripled in less than three years to €3.3 bn and will reach €20 bn in another five years if the current rate of growth is sustained.

One out of five foreign buyers of real estate in Cyprus spend over €3 million to purchase property in Cyprus, with over 250 contracts for properties valued over €1.5 million having been signed during the past three years.

Hellenic Bank announced the appointment of Lars Kramer as an Executive Member of the Board of Directors of the bank and the resignation of Georgios Fereos from its Board of Directors with effect from 10 July 2017.

The harmonised consumer price index rose in June 0.9% compared to the respective month of 2016 on more expensive energy products and services, the statistical service said.

Cyprus’ trade deficit widened in January to May 2017 an annual 24% to well below €2.1bn, mainly on increased imports, the statistical service said.