Though the economy has exited recession and is registering positive economic growth, the banking sector is still facing challenges, not least the issue of non-performing loans (NPL), President Nicos Anastasiades said recently.

Russia has shown an interest in launching new flights to Cyprus in November 2015 following the events in Egypt, Tourism Minister Giorgos Lakkotrypis said recently.

A day after international creditors signaled that they want to see progress in the implementation of reforms in at least three areas before more bailout funds to Cyprus, lawmakers agreed to vote on on the draft bill on the sale of loans to third parties.

The official environmental report conducted by the relevant public authority approves the construction of a gold processing site in the manufacturing area of Aradippou in Larnaca.

The European Commission revised its 2015 economic growth projection for Cyprus upwards to 1.2% and added that in 2016 economic output will grow a further 1.4% before it accelerates to 2% in 2017.

Minister of Finance, Harris Georgiades, said the government will gradually ease the tax burden and increase its development spending as fiscal conditions improve.

Economic and business relations between Cyprus and Austria, dating back six decades, could be enhanced and expanded to cover more fields, an economic forum addressed by the Austrian President Heinz Fischer, in Nicosia, showed recently.

Unemployment rate in October 2015 dropped by 10.4% on an annual basis, the Statistical Service of Cyprus said recently.

Consumer prices dropped an annual 2.5% in October 2015, as the deflation rate remained unchanged as in September, the statistical service said.

The year 2015 has been positive for Cypriot tourism, Energy and Tourism Minister Giorgos Lakkotrypis said during a recent news conference at the World Travel Market in London.