The Public Debt Management Office at the Ministry of Finance announced that the fifth series of the 6-year retail bonds (May 2016) attracted a total of €17,457,800, far above the monthly target of €10mln.

The privatisation of the Limassol port is a major new step for the government, whose potential positive results remain to be seen in the coming years.

President Nicos Anastasiades said recently that amid rapid changes both in the social and the economic fields, the energy sector in Cyprus is fundamentally changing with regard to its structure, organisation and means of exploitation.

Finance Minister Harris Georgiades heads a delegation, taking part in the 9th Summit of the Cyprus-Russian Intergovernmental Committee on Economic Cooperation.

While the employment rate of people aged 20 to 64 rose in Cyprus to 68% in 2015 from 67.6% the year before, it remains below the European Union’s target of 75%, the EU’s statistical agency said.

Loans in the banking system dropped in March 2016 by €617.6m in a month to €57.5bn, which is the lowest since December 2009, as deposits fell for the first time in four months, the Central Bank of Cyprus said.

Greek airline Ellinair has launched its Larnaca-Thessaloniki flight schedule with ticket prices as low as €19, it was announced recently.

The Administrative Reform Unit (ARU) has put together a comprehensive guide for investors, in cooperation with the Cyprus Investment Promotion Agency (CIPA).

The Public Debt Management Office (PDMO) received applications for six-year government bonds for physical persons, the 5th series (May 2016), valued at €17.46 million.

Fitch Ratings upgraded the Bank of Cyprus' Long-Term Issuer Default Rating (IDR) to 'B-' from 'CCC' and Hellenic Bank's Long-Term IDR to 'B' from 'B-'.