Tourist arrivals in March 2016 rose almost 41% to 137,013 compared to the respective month of 2015 mainly on increased arrivals from the United Kingdom, Cyprus’ largest source of incoming tourism, the statistical service said.

International Monetary Fund (IMF) Managing Director Christine Lagarde congratulated the Cypriot authorities on the favourable economic results achieved under the adjustment programme.

In a recent decision of the District Court of Nicosia, it has been held that Cyprus Courts have jurisdiction to adjudicate on applications for enforcement of foreign judgments and foreign arbitral Awards, even if both the judgment creditor and judgment debtor reside outside Cyprus.

The Fitch Ratings agency has upgraded Bank of Cyprus’ covered bonds three notches, from B+ to BB+ with a stable outlook, one notch below investment grade.

VTT Vasiliko Ltd (VTTV), the Vasilkos-based energy terminal company, took part in the recent Limassol Marathon in support of the Karaiskakio Foundation, which offers assistance to patients of leukaemia.

The International Monetary Fund said that Cyprus’ government will generate a fiscal surplus of 0.1% of the economy in 2016, after generating a 1.7% budget shortfall in 2015.

The number of property transactions carried out at district offices of the department of Lands and Surveys in March 2016 rose an annual 19% to 539, after rising 54% the month before, the department said.

Investment opportunities between Cyprus and Russia in the energy and renewable resources sectors will be presented at a number of business forums scheduled to be held in Russia in June 2016.

Finance Minister Harris Georgiades pointed out the key role that research, innovation and technology could play in a new economic model in Cyprus.

House prices dropped in Cyprus by -0.6% during the last quarter of 2015 compared to the same quarter of 2014 and by -4.7% compared to the previous quarter, as measured by the House Price Index, published today by the European Union's Statistical service, Eurostat.