The decision to lift capital restrictions showed that the banking system is stabilising, the banks’ association said recently, as the island put an end to a state of affairs introduced two years ago.

Cyprus will participate, for the third consecutive year, in the NASA Space Apps Challenge 2015, which brings together people of diverse scientific backgrounds, in order to address engineering issues through specific challenges.

Finance Minister Harris Georgiades said that Cyprus could restore its creditworthiness and return to the markets in the coming months, even as 2015 will be a difficult year for the economy.

The Unit for Combating Money Laundering (MOKAS) has acquired from the UN a new system for the implementation of the project entitled 'Strengthening MOKAS Capacities and Improve Efficiency to Detect Money Laundering and Financing of Terrorism'.

Bureaucracy, lack of confidence in the banking system, and delays in decision making were cited as Cyprus’ main disadvantages in a survey of foreign companies operating on the island.

The Cyprus shipping industry is in need of rebranding and restructuring to enhance competitiveness, Communications, Works and Transport Minister Marios Demetriades said recently.

A group of Cypriot businesses with strong presence in Greek markets have engaged the Cyprus Chamber of Commerce and Industry, in a concerted effort to decide on a response to the Greek government’s decision to impose a 26% punitive tax on imports from certain countries.

The lifted controls on the movement of capital that have been in place for the last two years is a positive development for the economy, said President Anastasiades at a recent news conference.

President Anastasiades recently met the Vice President of the European Bank for Restoration and Development (EBRD), PhilBennett, who paid his first visit to Cyprus.

In 2014, average hourly labour costs in the whole economy (excluding agriculture and public administration) were estimated to be €15,7 in Cyprus.