Non-performing loans in the Cypriot banking system fell by a mere €30.6m in February 2017 to well above €23.8bn in a month, mainly on increased compliance by households, the central bank said.

Cyprus President Nicos Anastasiades has invited businesspeople in Lebanon to explore ways to invest in Cyprus and take advantage of the wealth of opportunities available in all sectors of the economy.

There are prospects for further development of tourism in Cyprus, Finance Minister Harris Georgiades said recently, recognising the decisive role of the tourism industry in the recovery of the economy, and pointing out that the effort to improve the quality of the product should continue.

The stabilisation of home prices appears to be accompanied by a similar trend in land values, reflecting a recovering economy and real estate market, two property valuators said.

Employment levels in Cyprus rose in the first quarter of 2017 an annual 3.4%, which was the third highest in the euro area after Malta’s 6% and a 3.5% in Ireland, the European Commission’s statistical office said.

Addressing the recent Cyprus-Lebanon Business Forum, President Nicos Anastasiades said that Cyprus has exited years of recession to rebound strongly.

Value Added Tax (VAT) is Cyprus’ single most important source of public revenue Minister of Finance Harris Georgiades revealed in his opening address at the first-of-its-kind Limassol VAT Forum held recently.

For an eighth consecutive quarter, the economy is exhibiting a positive growth rate at 3.3%, with most sectors showing growth compared to the previous six-month period.

Cobalt has announced the launch of its new look website, www.cobalt.aero, which it said offers passengers a better user experience across devices for those wanting to book on smartphones and tablets.

The Cyprus Popular Bank Plc Co Ltd, the defunct lender known as Laiki, said that it was inviting tenders for advisory services for the sale of its Greek unit, the Investment Bank of Greece (IBG) and two other subsidiaries in Greece.