Russians have been snapping up the luxury homes Cypriots have had to hand over to the Bank of Cyprus to reduce or cover their debts.

Moody’s ratings agency assigned to the Cooperative Central Bank Ltd (CCB) Caa2 long-term local and foreign currency deposit ratings, in its first ever rating for the state-owned cooperative bank.

Some 9.3 million travellers are expected to use the airports at Larnaca and Paphos in 2017, a 3.6% increase on 2016, which had in turn been a record-breaking year.

COBALT will commence flights between Paphos and Athens at the end of March 2017, according to tourism professionals.

The Cypriot economy is projected to expand by 2.8% this year, according to Hellenic Bank, noting however that the outlook is subject to some degree of uncertainty due to the high stock of non-performing loans, high unemployment and delays in implementing structural reforms.

Cyprus ranks 22nd in DESI 2017, the Digital Economy and Society Index, published recently by the European Commission.

The number of registered unemployed fell in February2017 7.9% to 42,326 compared to the respective month of 2016 and by 513 in a month, the statistical service said.

Cyprus and Egypt recently signed a series of agreements and MoUs to enhance bilateral ties and further their strategic partnership.

Significant inflation was recorded in February 2017, with the Consumer Price Index (CPI) increasing 1.7% year-on-year.

According to a recent Moody’s report entitled: "Banking System Outlook– Cyprus; Stronger Funding And Gradual Improvements In Asset Quality Drive Our Positive Outlook," Moody's Investors Service maintains its positive outlook on the Cypriot banking system, a fact that shows their anticipation for the evolution of the bank’s creditworthiness over the next year and further funding and loan quality improvements.