Hellenic Bank and the European Bank of Reconstruction and Development will sign a cooperation agreement shortly, which will seal the decision of the London-based lender to contribute €20m in fresh capital to the Cypriot bank, a source said.

Finance Minister Harris Georgiades said that he expects a drop in non-performing loans in the banking system will result in economic growth and a 'balanced' mix of instruments in the banks’ tool-box.

Bank of Cyprus said it completed the sale of its 80% stake in loss making Russian units Uniastrum Bank LLC and Leasing Company Uniastrum Leasing LLC as well as other loan exposures in Russia.

Home prices fell in April 2015 to June 0.4% compared to the quarter before and 5% compared to the respective quarter of 2014 and may further stabilise as the economyrecovers, the Central Bank of Cyprus said recently.

The massive Egyptian natural gas discovery by Italy’s Eni has boosted the company’s confidence in Eastern Mediterranean hydrocarbons and it now wants to conduct exploration in more blocks offshore Cyprus, the press recently learned.

Cyprus is adhering to the highest possible international principals in accounting, and should use those standards to boost its economy as it starts to grow and leave recession behind, Helen Brand, chief executive of global accounting body the Association of Chartered Certified Accountants (ACCA) told the press.

July and August 2015 have, in terms of the number of arrivals, been the best two months for Cyprus tourism ever, the Cyprus Tourism Organisation said recently.

Unemployment recently stood at 14,7% of the labour force in the second quarter of 2015, recording a decrease from the previous quarter (17,7%) and the corresponding quarter of 2014 (15,4%).

Standard & Poor’s raised Cyprus’ sovereign rating a notch to BB- citing the removal of capital controls in April 2015 and the improvement in the fiscal situation and placed the outlook to positive.

The Cypriot economy will face important challenges even after the country’s exit from the bailout programme, Mark Lewis, the outgoing International Monetary Fund (IMF) mission chief for Cyprus, said recently.