The economy's prospects are expected to continue to gradually improve though substantial risks still exist, mostly related to the banking sector whose prospects are crucial to recovery, the Finance Ministry said in a report to the House recently.

The European Bank for Reconstruction and Development (EBRD) has expressed its willingness to invest around €800m into the Cypriot economy.

The economy is showing positive prospects and tangible results, Finance Minister Harris Georgiades said recently, but added that efforts to turn it around had to continue.

Direct tax revenue in the first eight months of the year fell 2% to €1.17 billion compared to the same period in 2013, the tax department said recently.

Cyprus’ trade deficit in the first seven months of 2014 increased by €137 million or 7.6%, reaching around €1.9 billion compared with €1.8 billion in the corresponding period of 2013.

The first fuel tanker is expected to dock at VTT Vasiliko Terminal in mid November 2014, marking the operation of a project that aspires to place Cyprus at the centre of the fuel transport routes.

Property sales displayed a new increase in September 2014, albeit in the shadow of concerns of the repossessions bill.

Banks in Cyprus have received positive news from Germany with regards to the first indications of how the island’s biggest financial institutions will cope with the upcoming ‘stress tests’.

The main issues faced by small and medium sized enterprises (SMEs) in Europe were discussed during the 3rd SME Assembly that took place in Naples, Italy, from October 1 to 3, 2014.

American entrepreneur Wilbur Ross described former Deutsche Bank boss Josef Ackermann, whom he has just nominated as chairman for the Bank of Cyprus, as being “uniquely positioned” to lead the bank in tackling strategic issues.