The interest rates on loans for house purchase decreased to 3.28% in December 2015, compared with 3.37% in the previous month, according to data released recently by the Central Bank of Cyprus.

The expansion of Cyprus’ aviation sector in 2016 will help fuel a rise in visitors to the island, as airlines including Russia’s second-biggest carrier apply for local licenses, Transport Minister Marios Demetriades said recently.

In a recent decision of a Cypriot 1st Instant Court issued in the context of an application for enforcement of a foreign arbitral award on the basis of New York Convention, it has been inter alia held, that a dismissal of such enforcement application, on the ground that the applicant has not presented all the required documents under Article IV of the Convention, does not engage the res judicata rule, and the applicant may file a new request, for recognition or enforcement of such foreign arbitral award.

One of the UK’s biggest tour operators, which plans to bring in more than 250,000 tourists in 2016, has said that although prospects are good for this year, Cyprus should be doing better.

Minister of Energy, Trade, Industry and Tourism George Lakkotrypis is upbeat on tourism, saying that the positive trend is expected to continue in 2016, although global challenges for the industry will also have their impact on Cyprus.

Public expenditure was equal to public revenue in 2014 according to Finance Minister Harris Georgiades.

Bank of Cyprus said that it will post an after tax loss of €0.4bn for 2015 caused by an increase in provisions for impairment of customer loans by €0.6bn in October to December to a total of €1bn for the year, adding that it will need no additional capital.

Cyprus’ tourism should be based more on its own competitive capabilities and less on external or geopolitical factors, Undersecretary to the President Constantinos Petrides said as he outlined a sweeping new strategy for the sector that includes wide-ranging legislative reforms.

The government is not opposed to examining ways to reduce airport charges but not in such a way that would benefit only one party, Transport Minister Marios Demetriades said recently.

President Nicos Anastasiades will be seeking a joint decision which would also involve all the political parties with regards to Cyprus’ next move in the field of energy.