The Central Bank of Cyprus said that it expects the Cypriot economy to expand 2.8% in 2017 before growth speeds up to 3% over the next two-year period.

Energy Minister Yiorgos Lakkotrypis says expanding exploration within Cyprus’ Exclusive Economic Zone (EEZ) and proceeding with the exploitation of the Aphrodite field were the two top priorities for the state in terms of its energy policy.

PMV Maritime Holdings Ltd had been awarded the tender for the lease of a state area (land and sea) for the development of the Paralimni marina.

The governor of the central bank said that the Cypriot banks have made insufficient progress in reducing non-performing loans adding that the supervisor is working on proposals to render the existing legislative framework more effective to speed up the process.

The construction of the Ayia Napa marina is well under way, with plans to finish the first part of the project on time – June2019.

The economic sentiment indicator rose by 2.3 units in May 2017 to 118.4, the highest since June 2001, on improved confidence in services and to a lesser extent in retail trade and consumer confidence, the University of Cyprus said.

All over Europe opening a bank account is time consuming and difficult procedure, as the Compliance Department requests more and more documentation.

Our Director, Yiannis Misirlis, has been elected Deputy Chairman of the Board of the Land and Building Developers Association of Cyprus (LBDA) for a two year tenure.

Hellenic Bank said that it generated a net loss attributable to shareholders of €10.5m in the first quarter of 2017, against a €64m loss in the last quarter of 2016 and a marginal net profit in the respective quarter last year.

Cyprus Airways recently announced the launch of ticket sales for flights from/to Larnaca International Airport to/from Tel Aviv and St Petersburg, the latest addition to the airline’s schedule for this summer.