Economic sentiment in Cyprus deteriorated marginally in July, the Economic Research Centre (ERC) of the University of Cyprus has said.

The Central Bank of Cyprus said overall deposits dropped by €432.9m in a month in June 2017, to €48.5bn, as total loans also dropped €43.4m, to €54.3bn.

Cyprus` public debt in the second quarter of 2017 amounted to €19.35 billion, the Cyprus Public Debt Management Office (PDMO) said recently.

The first bank in Cyprus to do so, Eurobank Cyprus has announced the launch of UCITS ERB Funds VCIC PLC, strengthening its leading position in the Mutual Funds industry in Cyprus.

Moody’s ratings agency said Bank of Cyprus (BoC) will have to include the sale of its non-performing loans (NPLs) in its toolkit if it wants to attain its target of halving the ratio to 20% by 2019.

Cyprus’ public universities will be allowed to found businesses or organisations, or enter partnerships, aiming to exploit discoveries or inventions resulting from scientific research, Education Minister Costas Kadis announced recently.

Drilling offshore Cyprus’ plot 11 or ‘Onisiforos’ by energy giants TOTAL and ENI with the West Capella rig has reached the first 2,430 meters in ocean floor depth, according to recent press reports.

On 7 July 2017 Law 87(I)/2017 was published in the Official Gazette of Cyprus, transposing the revised European Union Markets in Financial Instruments Directive (MiFID II) into Cyprus law. The new law, which will apply in Cyprus from 3 January 2018, will introduce significant changes to the Investment Services and Activities and Regulated Markets Law of 2007 to 2016.

Cyprus’ budget expenditure implementation reached 43% in the first half of 2017, according to figures released by the state Treasury.

The Melco International Developments and CNS consortium responsible for bringing the first casino resort to Cyprus have finalised their choices for the establishment of the temporary casino in Limassol and the four satellite casinos around the island.