The impact on public revenues of the simplification of property tax announced by president Nicos Anastasiades is expected to be as high as €21m a year, Finance Minister Harris Georgiades says.

The European Stability Mechanism (ESM) has approved the disbursement of €100m to Cyprus, following the positive assessment of the sixth quarterly review of the macroeconomic adjustment programme.

The value of all Greek exports to Cyprus in 2014 increased by around 7.8% compared with 2013, from €1.12 to €1.21 billion, according to the Cyprus Statistical Office.

The Consumer Price Index for June 2015 decreased by 0.18 units or 0.16% to 115.50 units compared to 115.68 in May, mainly due to decreases in the prices of certain fresh fruit and electricity.

Cyprus sold €50 mln of 26-week treasury bills during its recent auction, which was oversubscribed by almost three times, pushing the yield down to an average 2.40%.

The European Bank for Reconstruction and Development (EBRD) will do its best to minimise any impact on Cyprus from the Greek crisis, a senior official said recently.

Production output in construction dropped 18% in January to March 2015, compared to the respective period a year before, the statistical service said recently.

Greek shipping companies are looking into moving to Cyprus due to the instability and uncertainty in Greece, it emerged recently.

The Zenobia shipwreck off Larnaca contributed over €14m to the economy annually, officials said recently, calling on the government to ban fishing in the area, which has become an important artificial reef.

President Nicos Anastasiades recently announced tax incentives, including a 50% cut in property transfer fees, to boost economic activity as Cyprus moves to attract rich foreign nationals.