The home price index fell 1.8% in the fourth quarter of 2014 compared to the previous quarter to 74.3 units, the lowest level since peaking at 105.5 in 2008, centralbank figures show.

Loans in the banking system rose to almost €64.8bn in January 2015 from €61.6bn in December 2014, outstripping deposits which rose to €46.5bn from €46.1bn respectively, the central bank said recently.

Cyprus' macroeconomic outlook shows signs of stabilisation despite the unfavourable external environment, according to a European Commission technical document.

Travel agent Top Kinisis Travel public Limited made a net profit of €68,295 in 2014 compared with a loss of €147,005 in 2013, according to preliminary results posted on the Cyprus Stock Exchange.

More than €163m is foreseen in the Cypriot Operational Programme 'Employment, Human Resources and Social Cohesion', that was approved by the European Commission.

Commissioner for Regional Policy, Corina Crețu approved a programme of investments backed by EU Regional and Cohesion Funds that will play a crucial role in putting Cyprus on the tracks of recovery, by supporting the development of the island’s real economy and creating new job opportunities.

Optimism among businesses drove improving economic sentiment in Cyprus in February 2015, although consumer confidence remained weak, a publicly funded survey showed recently.

Russian navy vessels will dock in Cypriot ports as part of an agreement signed between the two countries recently, Russia’s President Vladimir Putin said.

President Nicos Anastasiades recently said he had held “very productive negotiations” with his Russian counterpart Vladimir Putin.

Bank of Cyprus, the island’sbiggest lender that was bailed out by foreign investors who pumped in about €1 bln in 2014, following a near €4 bln bail-in by depositors the year before has reported after-tax profits.