Italian group ENI said recently it had discovered the largest known gas field in the Mediterranean off the Egyptian coast, predicting the find could help meet Egypt’s gas needs for decades to come.

RCB Bank has announced the opening of another branch in Nicosia, as part of its strategy to expand its operations.

The government may consider requesting a credit-line from international creditors before the end of 2015 in the form of a safety net that could potentially protect the vulnerable economy from external shocks, Finance Minister Harris Georgiades said.

Deposits in the Cypriot banking system rose by €238m in July 2015 compared to June to €46.2bn, mainly on increased deposits held by non-Cyprus residents, as deleveraging continues, the Central Bank of Cyprus said.

Bank of Cyprus, the island’s biggest lender, has reported two quarters of profits, improved its funding structure, boosted capital and lowered its reliance on EU emergency funds.

Emergency Liquidity Assistance for Bank of Cyprus (BoC) has dropped below half its peak level for the first time according to data from the Central Bank of Cyprus.

A rise in confidence in the services sector and among consumers helped boost the monthly Economic Sentiment Indicator (ESI) by 6.6 points in August 2015 to 106.9, the highest level since the index started to take a downturn in late-2008.

Finance Minister Harris Georgiades said that the current turmoil in China is not impacting Cyprus in any way adding that demand for Cypriot government bonds could increase.

Income tax revenues dropped year on year by 6.7% in the second quarter, pointing to a still weak employment market.

The government will press ahead with plans to create a technology park in Pentakomo, Limassol by launching incentives international research and development companies, according to Commerce Ministry permanent undersecretary Stelios Chimonas.