Industrial production rose an annual 9.6% in August 2016 aided by a strong growth in manufacturing, mining and quarrying, the statistical service said.

The liquidity shortfall in the Cypriot banking system fell by €437.3m on a montly basis in September 2016, to €6.1bn, the lowest since February 2013.

Eurozone ministers on November 7 2016 will be informed on the findings of the first post-programme surveillance mission to Cyprus, which took place at the end of September this year.

Residential and most commercial property prices rose in the second quarter of 2016 driven by an increase in rents in most property categories, as economic growth is consolidating, the Cypriot division of the Royal Institute of Chartered Surveyors said.

Bank of Cyprus’ chief executive officer John Hourican said the lender may consider the issue of new tier 2 capital to further strengthen its balance sheet.

The members of the European Parliament are expected to vote on a special provision whereby the EU would pay up to 85% of project costs in Cyprus until the closure of the 2014-2020 programmes.

The exact timing of Bank of Cyprus’ induction in the London Stock Exchange remains uncertain according to the President of the Managing Board of Bank of Cyprus, Joseph Ackermann.

The European Parliament said that it agreed to extend Cyprus’ eligibility for an 85% co-financing ratio for European programmes beyond June 2017.

Cyprus’ debt-to-GDP ratio has dropped further by -0.3% to reach 109% in the second quarter of 2016 according to Eurostat.

The commercialisation of Cyprus’ passport, made possible by special government schemes addressing wealthy buyers, prompted BuySell Real Estate, the Paphos-based real estate agency, to launch a new product which provides most of the required funds.