Fitch Ratings agency has affirmed Cyprus’ long-term foreign and local currency Issuer Default Ratings (IDRs) at 'B-' with a Positive Outlook, according to a recent statement.

Cyprus has secured funding from the European Bank for Reconstruction and Development-EBRD for a study which will finally lead to the launching of Next Generation Access-NGA networks in the island.

Implementation of the foreclosures framework in parliament is credit positive for Cypriot banks because it lays the groundwork for large-scale loan restructurings and improves the banks’ recovery prospects, Moody’s said recently.

Cyprus will soon operate a satellite terrestrial station, enhancing the country’s role as a regional search and rescue centre, Defence minister Christoforos Fokaides revealed recently.

Property owners and buyers have until the end of the year to appeal the government’s valuation of their real estate and correct any other mistakes made in the process of fixing immovable property tax (IPT).

Finance Minister Harris Georgiades told his colleagues at the Eurogroup meeting in Riga recently that the island was “edging out of recession,” while the group’s Chairman Jeroen Dijsselbloem welcomed the news for Cyprus.

The Central Bank of Cyprus (CBC) is to undergo a reorganisation, following a decision by the Board of Directors (BoD) to appoint an international advisory firm to conduct a study on the issue.

OPITO will play a major role in helping Cyprus to become a regional centre of technical excellence for oil and gas in the Eastern Mediterranean.

The recapitalisation of the cooperatives makes Cyprus look like it had the highest deficit in the EU in 2014 but the underlying number is far more favourable.

A total of 97,479 tourists visited Cyprus in March 2015, compared to 77,533 in March 2014, recording an increase of 25.7% according to Statistical Service data.