Piraeus Bank has received shareholder approval for a plan to fill a capital shortfall revealed in a European Central Bank health check in October 2015, expecting to close its order book on an offering of new shares.

President Nicos Anastasiades has appealed to Jordanian investors to boost bilateral trade and consider taking part in the privatisation process of the ports, electricity and telecoms, while encouraging entrepreneurs to set up a Cyprus base and take advantage of the growing energy sector.

The Cooperative Central Bank (CCB) will need a government-funded injection of €150m to €200m in fresh capital, in order to meet its capital requirement target of 14%, chairman Nicolas Hadjiyiannis said recently.

The problem of non–performing loans (NPLs) in the banking sector will be discussed in a meeting between President Nicos Anastasiades and representatives of the banks and with Central Bank of Cyprus (CBC) Governor Chrystalla Georghadji, during the week commencing 16 November 2015.

Moody’s Investors Service recently upgraded Cyprus’ government bond rating by two notches to B1 from B3 and the outlook is stable.

Cyprus has completed another bailout adjustment programme progress review successfully, possibly the last one, Finance Minister Harris Georgiades said recently, but warned that reforms must continue in a bid to strengthen the island’s growth.

The Cyprus Tourism Organisation (CTO) has noted an increase in the number of Swiss flights to Cyprus bodes well for tourism arrivals from that country.

The Cooperative Central Bank (CCB) is raising its non-performing loans coverage ratio to 50%, accumulating a total of €3.42 billion in provisions against its NPL stock that amounts to €6.84 billion.

Card transactions recorded a significant increase in October 2015, according to new data released recently.

The government’s fiscal surplus in July to September 2015 fell to €132m, 39% below the respective figure of 2014, mainly on reduced revenue, the statistical service said recently.