Increases in deposits at local banks continued for the third consecutive month in 2015 amounting to €933 million.

Finance Minister Harris Georgiades says the island’s creditworthiness has been essentially restoredfollowing his Ministry’s issuance of a 10-year eurobond (EMTN).

Retail sales volumes jumped by 4% year on in year August 2015, according to preliminary figures from the Statistical Service Cystat, following a 4.7% leap in July.

Arch Capital Group Ltd (ACGL), one the most internationally respected providers of innovative risk management solutions through Insurance, Reinsurance and Mortgage underwriting platforms is opening up shop in Cyprus before the end of 2015.

Τhe House Committee on Financial and Budgetary Affairs began the discussion on the 2016 state budget with Finance Minister Haris Georgiades analysing the state revenues, the situation of the public finances and the fiscal index, adding that there will be no tax breaks before the parliamentary elections in May 2016.

The public debt management office said that it intends to issue a euro-denominated 10-year government bond of unspecified value on October 27 2015, which it will offer to holders of three outstanding government bonds maturing in less than five years totaling €1.9bn.

The financial system in Cyprus is still fragile and significant challenges remain and the top priority for the recovery of the banking sector is the reduction of the high number of non-performing loans (NLPs), was the conclusion of a conference held recently.

Israeli energy conglomerate Delek have clarified that they do not plan to drill another exploratory well within their Block 12 offshore concession until May 2016, when their licence is set to expire.

The first 10-year Eurobond after five years was issued following the upgrade of Cyprus economy credibility by Fitch recently.

The exceptionally high stock of non-performing loans at Cypriot banks remains a deep concern, according to rating agencies.