Authorities relaxed restrictions on capital movement concerning domestic banks by doubling the ceiling of transactions within the ordinary business activity not subject to approval to €2 million.

Cyprus is listed in 64th place among 189 countries worldwide for doing business.

Cypriots spent €179,6 million for purchases in Cyprus in November 2014, 4% more compared to the respective month a year before, JCC Payment Systems said.

The number of property transactions fell in November 2014 by 6% island-wide to 370 compared to the year before.

The European Stability Mechanism (ESM) is expected to ratify the disbursement of the €350 million sixth tranche of Cyprus' bailout programme, at the next Eurogroup in Brussels.

Building permits fell in January to September 2014 27% in terms of construction area and 26% in terms of value compared to a year before to 573,756 square meters and €641.3 million mainly on a decline in new housing projects, the statistical service said.

Addressing non-performing loans, changing the business model, the need for transparency, and the removal of the remaining capital controls were the main challenges facing the sector, according to senior bankers at the 2nd Cyprus Banking Forum in Nicosia recently.

The European Bank of Reconstruction and Development plans to invest at least €100 million annually in Cyprus’ financial and energy sectors as well as privatisations, its chairperson said recently.

A consortium proposing to transform the Larnaca port and marina hopes to conclude an agreement with the government by the end of 2014, putting the oft-delayed project back on track.

Cyprus said recently it had asked Barclays, HSBC, Morgan Stanley and SG CIB to organise a series of briefings with investors, starting from December 9, 2014.