Three credit institutions – Bank of Cyprus, the Cooperative Central Bank (CCB) and Hellenic Bank – make up 68.5% of the loan market share (€54.6 billion), and 68.6% of deposits at €49.2 billion.

Cyprus ranks 37th on the competitiveness of its economy out of 63 countries according to the IMD World Competitiveness Ranking, in which it was included this year for the first time, a press release of the Economics Research Centre of the University of Cyprus says.

A water arch welcomed Cyprus Airways’ inaugural flight on June 2, 2017, which returned from St. Petersburg to Larnaca airport.

The handover of 25% of Cooperative Central Bank stock to its depositors and borrowers, which the government decided on May 31 2017, may be reflected on the budget, according to the Treasury, something Finance Minister Harris Georgiades denied.

The interesting presentation “Limassol, Upcoming Development, pluses and minuses”, organised by the Limassol Architects Association at the Municipal Cultural Centre “Panos Solomonidis”, was completed on 2nd June.

Tourism revenue during March 2017 reached €86.1m, an annual increase of 6.4%, according to data published by the Cyprus Statistical Service recently.

Pafilia Property Developers is pleased to announce the progression of the final stage of development in the infrastructure and facilities at its luxury residential resort, Minthis Hills.

Under John Hourican, Nick Smith, and his predecessor Euan Hamilton, Bank of Cyprus, the island’s largest lender, did not only lead the way by setting up a specialised department for loan restructuring and recoveries, it also made it work.

The private debt level remains high in Cyprus even after dropping in the third quarter of 2016, to 272.6% of economic output, from 275.4% the previous quarter, the Central Bank of Cyprus said.

The annual inflation rate dropped in May 2017 to 1.1% from 2% the month before, as the impact of higher energy prices on consumer prices fades away, the statistical service said.