Bank of Cyprus said that the European Central Bank approved the appointment of Michael Heger in the board of directors of Cyprus’ largest lender.

The Republic of Cyprus and the Government of the Republic of Latvia signed in Brussels, on 24 May 2016, a Treaty for the Avoidance of Double Taxation on Income (‘DTT’).

Jyrki Katainen, the European Commission’s Vice President called on Cyprus to consider setting up an investment platform combining both public and private sector in a bid to tap risk-financing from the massive European Fund for Strategic Investments (EFSI) totalling €315 billion.

Finance Minister Harris Georgiades has stressed the importance of quick policy action response in addressing fiscal challenges.

The Cooperative Central Bank is expected to start divesting of property acquired through debt restructurings according to a recent report by the Management Unit for Participation of the Republic of Cyprus in the Ownership Structure of Credit Institutions.

Cdbbank (former Cyprus Development Bank) has announced profits of €1.1m before tax in the first three months of this year and has also said that it has made significant progress in managing its non performing loans with 77% of restructured loans' instalments paid regularly.

More and more members of the public are being put on file by the Tax Department, according to an annual report by the Ministry of Finance.

Property sales in the first five months of 2016 rose a substantial 25%, compared to the same period last year, according to data published by the Land Registry, where a significant increase in the transfer of properties was also recorded.

Government Spokesman Nikos Christodoulides has said he is pleased with the meetings he had in Washington recently, with International Monetary Fund (IMF) and US State Department officials.

President Nicos Anastasiades said that Cyprus is emerging stronger from the crisis it experienced in the past years and managed to enhance and expand its comparative advantages.