Despite limited expectations from the foreclosures procedure, which was tested for the first time recently by Bank of Cyprus in Paphos, the process yielded mixed results, with significant interest in some cases but none in others.

President Nicos Anastasiades said there was no need to panic, following the result of the British referendum.

Another bumper year for tourism is on the cards, with arrivals projected to reach nearly three million in 2016, Commerce and Tourism Minister Giorgos Lakkotrypis said recently.

The Cyprus subsidiary of Greece’s Piraeus Bank could be sold in the coming days or even hours according to local media reports.

Three Cyprus projects will benefit from a wider European Commission cash injection to improve transport infrastructureand boost jobs and growth.

The bid by Bank of Cyprus (BoC) for a listing on the London Stock Exchange will not be affected by an exit of the UK from the EU according to senior bank officials.

The government is implementing a new Cyprus shipping strategy to widen the sector’s horizons and create new opportunities for expansion into new markets, Transport Minister Marios Demetriades said during his address at the 5th Mare Forum Cyprus 2016.

Cyprus needs to maintain its reforms momentum in the public sector, reduce NPLs, and ensure labour market flexibility to strengthen its long-term growth potential and attractiveness as an investment destination, the annual European Stability Mechanism (ESM) report said recently.

Ancoria Bank has launched operations with two branches, in Nicosia and in Limassol, a total staff of 60 and an initial capital of €50m, the lender’s chief executive officer said.

The number of tourist arrivals rose in May 2016 by 19% to 364,943 compared with the respective month of 2015, mainly on a strong rise from several of Cyprus’ major sources of incoming tourism, the statistical service said.