A 16% annual increase in December 2014 revenue from tourism to €43.7m was unable to offset lost ground during the rest of the year, the statistical service said.

Hellenic Bank recently announced an operating profit before provisions of €158 million for 2014, an increase of 22% on 2013,however the year ended with losses of € 119 million.

The French government hopes that an agreement would be reached between the Cyprus government and French oil-giant Total that will allow the company to proceed with further seismic surveys in block 11 of the island’s exclusive economic zone.

The government sold more than €10.7m in 6-year bonds to a total of 57 individual investors, the public debt management office said recently.

The Co-operative Central Bank (CCB) has announced further lending rate reductions starting on 1 March 2015, expected to benefit some 132,000 borrowers.

The Public Debt Management Office (PDMO) announced recently that it was offering for sale through auction, Treasury Bills worth €200 million with a value date of March 6, 2015 and a maturity date of June 5, 2015.

Cyprus is working with Russia to bring Chinese tourists to the island, Tourism Minister Giorgos Lakkotrypis said recently.

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.