Finance Minister Harris Georgiades said he would welcome a decision by euro area finance ministers to divert funds earmarked to recapitalise banks to the refinancing of existing debt.

The yield on the Cyprus government 10-year bond, maturing in 2020, dropped below 5% to 4.96%, but still above the four-year low of 4.50% recorded in September 2014.

The Public Debt Management Office of the Ministry of Finance announced that the recent 13-week Treasury Bills auction for €200 million was oversubscribed.

The value of goods in the transport and storage sector recorded a decrease of 1.4% in 2014 according to the annual Turnover Value Index published by the Statistical Service Cystat, with land transport and water transport enjoying an increase of 6.8% and 13.3%, respectively, while air transport recording a record annual fall of 25,6%.

The sectors of accommodation and food service activities recorded an annual increase of 4.2% in 2014, according to the Statistical Service Cystat, a trend underlined by recent tourism data that showed an increase in arrivals but a slight fall in money spent by tourists.

Cyprus posted a seasonally adjusted 16.1% unemployment rate in January 2015, the fourth largest in the European Union and third largest in the euro area, down from 16.4% the month before and 15.7% a year ago, Eurostat said recently.

The number of real estate transactions during 2014 was up 20%, reaching 4,527, compared to 2013.

Noble Energy sees a “huge opportunity” in the Eastern Mediterranean, according to recent statements made during presentations to investors.

The French Embassy, along with Cypriot and EU institutions and civil society will be launching an awareness campaign and prepare to mobilise as part of the debate on the ‘Paris Protocol' late in 2015.

A 16% annual increase in December 2014 revenue from tourism to €43.7m was unable to offset lost ground during the rest of the year, the statistical service said.