Wilbur Ross has resigned as vice-chairman of Bank of Cyprus (BoC) following his confirmation as US Commerce Secretary, the island’s biggest lender, announced recently.

Bank of Cyprus (BOC) made an after-tax profit of €64m in 2016, while Hellenic Bank reported a €62.7m loss according to the banks’ preliminary Group financial results published recently.

The government sold a total of €100m in 13-weeks treasury bills on February 28, with yields reaching -0.4%, a new all-time low as the downward trend continues, the Public Debt Management Office said.

Monetising the Aphrodite gas field is a top priority for the government, which based on expected future gas finds is also looking at options, including a liquefaction terminal at Vassilikos, President Nicos Anastasiades said recently.

Total tourism revenue rose in 2016 by 12% to below €2.4bn compared to 2015, the statistical service said.

The goal is to sign contracts for the development of the port and the marina of Larnaca by the end of 2017, Transport Minister Marios Demetriades said recently.

Impressive arrivals figures are boosting hopes that 2017 will be another successful year in the tourism trade.

The Economic Sentiment Indicator (ESI) in Cyprus decreased to 113.3 points in February 2017 from 114.1 in January mainly due to a fall in consumer confidence by -3.2 points and construction confidence by -23.1points, according to the latest index released by DG ECFIN.

Cyprus’ public debt rose by €357.1m in a year, to €19bn last December, the Public Debt Management Office (PDMO) said.

Moody’s Investors Service maintains its positive outlook on the Cypriot banking system citing an expected improvement in the banks’ funding and a drop of non-performing loans ratio to 42% by the end of the year.