Non-performing loans (NPL), which are the biggest problem in the banking system in Cyprus, have reached a reversal point, the Central Bank of Cyprus (CBC) said recently.

The prospects of terminating Cyprus’ energy isolation through the creation of an energy union, together with its potential impact on enhancing energy security and contributing to lower energy costs for consumers were discussed during a seminar at the EU House in Nicosia.

Cyprus, assuming its global responsibility, in spite of its size and its difficult financial situation, is ready to contribute to the Green Climate Fund the sum of €350,000, Minister for Agriculture, Rural Development and Environment NicosKouyialis announced recently.

French oil and gas major Total is displaying a lively interest in Cyprus’ Exclusive Economic Zone (EEZ) after the discovery of a giant gas field in nearby Egyptian waters, the government said recently.

Cyprus’ plans for the Aphrodite gas reservoir, following BG’s buy-in, remain on track with production possibly starting in 2020, Energy Minister Giorgos Lakkotrypis said recently.

The reduction of the high stock of non-performing loans remains Bank of Cyprus' top priority, the Banks management told an Annual General Meeting, held in Nicosia recently.

Cyprus government debt stood at €18.82 billion at the end of September 2015, with loans accounting for €12.23 billion of the total.

Moody’s rating agency have upgraded RCB Bank Ltd’s deposit ratings to B3 from Caa1, elevating it to the highest rated lender in Cyprus, a press release in Nicosia said recently.

The price index of construction materials for October 2015 declined to the lowest level since December 2010 according to figures released by the Cyprus Statistical Service recently.

Cyprus' biggest lender, Bank of Cyprus recently announced profits after tax of €73 million for the nine months ended 30 September 2015.