The International Monetary Fund (IMF) published recently its report on the completion of the fifth, sixth, and seventh reviews of Cyprus’ reform program.

The trade deficit widened further in the first quarter of 2015, after two consecutive months of relative stability in imports and increase in exports, according to the statistical service Cystat.

Tax on propane for gas-fuelled cars has been set at €0.07 per litre, which is the minimum allowed by the European Commisison, and will remain fixed for seven years until 2022, Energy Minister Giorgos Lakkotrypis recently announced.

The government plans to revisit cutting property transfer fees by half as part of legislation integrating immovable property tax, Interior Minister Socratis Hasikos said recently.

After a short, 18-month stint at the Co-operative Central Bank’s helm, executive head Marios Clerides resigned his post recently.

Recent figures show a total of 103 applications for the registration of new companies were filed in the Companies Registrar in May 2015 marking a reduction of 10.6% compared with the corresponding period of 2014.

Cyprus annual inflation remained steady in May 2015 at -1,7%, compared to April 2015, while Euro area annual inflation was 0.3% in May 2015 , up from 0.0% in April.

As part of its new summer schedule, the Kingdom of Bahrain’s national carrier Gulf Air will increase its flights to and from Frankfurt, Larnaca and Paris during the upcoming peak summer travel period and until September 2015, due to growing passenger numbers.

President Nicos Anastasiades recently announced new infrastructure projects for Nicosia worth some €174 million.

Greek bank subsidiaries in Cyprus are ring-fenced and face no risks from the instability in Greece, a senior Central Bank (CBC) official said recently.