The bank deposit guarantee fund hasmet the target of raising €120 million, a finance ministry representative told lawmakers recently.

Cobalt, a Cyprus based airline, said it had secured an unspecified amount of capital injection from an unnamed investor based in Hong Kong, and plans to begin its operations in the spring of 2016 as a low-cost carrier.

In the 2016 World Bank Doing Business Rankings, Cyprus climbed 17 places to 64 from 47 previously, with its score increasing from 66.55 to 71.78.

The Association of British Travel Agents (ABTA) is urging UK holidaymakers to book early for European sunshine destinations, including Cyprus for which there is already a 14% increase over last year, it said.

Cyprus' new failure to secure an interim gas supply until it begins producing its own from the Aphrodite field, was likely to have been its last attempt as the government has decided to wait for the permanent solution to kick in.

Cyprus’ shipping sector has evolved into one of the leading sectors of the economy in recent years and is navigating the island to economic recovery, President Nicos Anastasiades said recently.

Paphos looks set to encourage more Ukrainian travellers to the town as more than one hundred travel agents will participate in a three day conference which kicked off recently.

Revenue from tourism in Cyprus marked a rise of 26% in November 2015, official figures showed recently.

Consumer prices fell 1.3% in January compared to the respective year of 2015 after falling 1.2% in December on lower energy prices, the statistical service said.

Cyprus is among the most energy dependent European Union countries, with imports accounting for 93.4% of energy consumption, according to Eurostat.