There is no room for the creation of an asset-management company (AMC) that will be funded – entirely or in part – by taxpayer money to address the issue of non-performing loans in the banking system, the International Monetary Fund’s resident representative in Cyprus Vincenzo Guzzo says.

Proceeds from immovable property tax for 2015 have reached some €80 million, with 80% of homeowners having already paid their dues.

The Cyprus Stock Exchange (CSE) council announced recently the Members’ Market Shares for the period of January 1 to November 30 2015.

In an attempt to reduceits involvement in the Greek real estate market Bank of Cyprus (BoC) has gone ahead and sold three hotel units in Greece and received a total amount of €9.6 million in an open bidding procedure.

Central Bank of Cyprus (CBC) Governor Chrystalla Georghadji that based on the international experience, it will take three to five years with a growth rate of approximately 3% for non-performing loans (NPLs) to fall from 47% today to 10% of the total loan portfolio.

The Public Debt Management Office sold a total of €100m in 13-week treasury bills at a recent auction.

Revenue from tourism rose more than 17% in September to €321.1m compared to the respective month a year before, the statistical service said recently.

Netherlands-based global oil terminal company VTTI will on 28 November 2015 celebrate one year of successful operation of its sophisticated oil storage terminal at Vassilikos, Cyprus.

Cyprus has adopted national opt-out measures to ban or restrict cultivation of already authorised genetically modified organisms (GMOs), with the approval of the European Commission.

The Hellenic Bank returned to profitability in the third quarter of 2015, having adequate capital.