Non-performing loans in the Cypriot banking system fell in March 2016 by almost €1.1bn to €25.7bn or 48.4% of the overall loan portfolio of banks, compared with the month before, the Central Bank of Cyprus said.

The government recently proposed introducing a flat immovable property tax rate to 0.05% and scrapping the IPT paid to local authorities altogether.

The Cyprus Cooperative Central Bank recently announced profits amounting to €28 million for Q1 2016, mainlydue to operational earnings that amounted to €42 million.

A new direct international service will connect Rome and Larnaca from 8 June 2016, it was announced by Alitalia recently.

Cyprus’ unemployment rate dropped in April 2016 to 11.6% from 12% in March and 15.7% in April 2015, which is the sixth highest in Europe and the lowest since April 2012, the European Union’s statistical office said.

Cyprus has the basic ingredients to become a competitive and credible centre for the global Funds Industry, Minister of Finance Harris Georgiades told the International Fund Summit that took place in Limassol recently.

Manufacturing output is up year-on-year in March 2016 according to the Cyprus statistical service in an announcement recently.

The Public Debt Management Office, a division of the Finance Ministry, said that it sold 13-week treasury bills worth €130.7m at an average yield of 0.89%, which is slightly above that of the last auction.

The economic sentiment indicator fell in May 2016 by 2.4 points in a month to 109.5 as consumer confidence and business confidence in all areas except manufacturing and retail trade deteriorated, the University of Cyprus said.

The European Union’s annual bathing water report recently listed Cyprus as having the most ‘excellent’ beaches for swimming amongst all the member states.