In line with the strategy it announced in 2014, Barclays Bank in Cyprus will be closing international banking accounts held in London, Jersey, Guernsey and Isle of Man, belonging to Cyprus residents and with a balance less than a minimum £100,000.

Home and company deposit and lending rates went up in December 2014 according to relevant Central Bank data, with the businesses rate remaining stable.

A slump in Cyprus’ property market eased slightly in the fourth quarter, a recent industry survey showed, though while prices on much of the island looked to be bottoming out, they fell more rapidly in the capital Nicosia.

The number of real property transactions rose 10% in January 2015 compared to a year ago, the department of lands and surveys said recently.

Building permits fell in January to November 26% in terms of construction area to 0.7 million square metres and 25% in terms of project value to €799.4 million compared to the respective period of 2013, the statistical service said recently.

Technocrats of Cyprus’ Troika of international lenders and head of the Cyprus Securities and Exchange Commission Demetra Kalogirou recently discussed the supervision of companies providing administrative services.

The Cyprus Cooperative sector is considering a reduction in interest rates on home loans, its Chairman said recently.

Hellenic Bank, the recently recapitalised lender that boasts Third Point Hellenic Recovery Fund and online game developers Wargaming.net among its major shareholders, has decided to proceed with a 50:1 reverse stock split, reducing the number of shares listed on the CSE from 9.4 bln shares to 187 mln.

A steady economic environment and combating bureaucracy are the two prerequisites to effectively attracting foreign investment to Cyprus, the House Commerce Committee heard recently.

Russian investors are planning to build a giant hotel overlooking Phinikoudes promenade in Larnaca in what would be a landmark construction project for Cyprus if they get the green light.