Government guarantees extended mainly to general government bodies fell last year to below €2bn from €3bn the year before, the Public Debt Management Office (PDMO) said.

According to a recent report of TheMoveChannel.com, Cyprus ranks 6th in the top 10 most popular destinations for property purchases.

In April 2017, economic sentiment in Cyprus picked up as the Economic Sentiment Indicator (ESICypERC) increased by 1.3 points compared with March 2017, driven by confidence improvements in services, construction and retail trade.

Cyprus has further tightened its system against money-laundering by complying with two new sets of provisions from the International Financial Action Task Force (FATF) and the 4th Directive on money-laundering.

Cyprus is holding its first annual conference of an international financial institution, where the European Bank for Reconstruction and Development’s Annual Meeting and Business Forum will take place in May in Nicosia.

Limassol is seeking to take a leaf out of Marseille’s book in an effort to inject new life into the Aktaia Street area of the city.

The government’s deposits at the national bank rose by €68.4m in March 2017 to almost €1.2bn compared to February 2017, the Central Bank of Cyprus said.

The Cypriot government generated a fiscal surplus of €64.4m, or 0.4% of economic output, in 2016, after posting deficits over the past in eight years, the statistical service said.

The government is said to be considering launching yet another tender to secure natural gas for electricity production, with decisions expected in early May 2017.

After two successive years of a strong increase in tourist arrivals, the hospitality industry has done little to pay back its more than €1bn in non-performing loans, data shows.