The Public Debt Management Office (PDMO) said that it exchanged €560m worth of securities maturing in 2019 and 2020 with receipts from the most recent bond issue.

Finance Minister Harris Georgiades said that the government borrowed €850m on June 20, 2017 with the issue of a 7-year bond at an interest rate of 2.75%.

Cyprus’ complete and successful return to the financial markets hinges upon the authorities’ determination to maintain prudent fiscal policy, bank restructuring and structural reforms, the European Stability Mechanism (ESM) said.

Three companies have been shortlisted to proceed to the next phase in the tender for the development of Larnaca port and marina, the Transport Ministry announced recently.

The new venture is expected to create a significant number of Cyprus seated high-tech jobs over the next three years and facilitate the company’s desire to contribute to the local start-up culture.

The job vacancy rate in Cyprus was 1.2% in the first quarter of 2017, up from 0.6% recorded in the previous quarter and 1.0% in the same quarter of 2016, according to figures published by Eurostat, the statistical office of the European Union.

The number of tourist arrivals rose last month 15% to 418,732 compared with the respective month of 2016, which is an all-time high for the month of May, the statistical service said.

Discussions on a national strategy for tourism will commence in July 2017, with an ambitious plan to have Cyprus an all year tourist destination, attracting over six million visitors annually by 2030, President Nicos Anastasia's said recently.

The Finance Ministry said that it intends to issue a 7-year government euro denominated bond “in the near future depending on market conditions,” and use receipts to buy back outstanding securities.

In October 2016 the Income Tax Law was amended to bring its provisions on taxation of income from the use or sale of intangible assets into line with the “modified nexus” approach.