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.

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

The government has decided to hand over 25% of the state-owned Cooperative Central Bank (CCB) to its customers free of charge, Finance Minister Harris Georgiades said recently.

The Central Bank of Cyprus said that it will cease exchanging Cyprus pounds notes with euros on December 31, 2017.

In its mission to always provide a high-class living experience, Plus Properties Cyprus launched its latest luxury residential project in Larnaca: 'The Pearl of Mackenzie'.

The unemployment rate in Cyprus fell in April 2017 to 11.6%, remaining the third-highest in both the euro area and the European Union, the EU’s statistical office Eurostat said.

The central cooperative bank (CCB) said recently it has recorded a net profit of €7m in 2016 even after raising its provisions for bad debts by €116.5m.

The Index of Industrial Production recorded an increase of 8.7% in the period January-March 2017, compared to the corresponding period of the previous year.