The Bank of Cyprus has announced profits after tax of €73 million for the nine months ended 30 September 2015. Profit after tax from continuing operations were €115 million. The island’s biggest lender said it has managed to reduce its loans in arrears for more than 90 days by €649 mn or 5% in the...Read More

Moody’s, the international rating agency, has upgraded RCB Bank’s deposit ratings to B3 from Caa1, elevating it to the highest rated bank in Cyprus. According to a press release by RCB Bank, “this important upgrade… reflects RCB Bank’s new capital structure, the diversification that characterizes its earnings, the Bank’s solid capitalization and the fact that...Read More

Noble Energy has submitted a request to the Republic of Cyprus seeking the approval of the island`s government to include Britain`s BG Group in a consortium holding rights over a gas field of Cyprus` drilling block 12 in the eastern Mediterranean, Energy Minister Yiorgos Lakkotrypis has said. The Minister told the media that according to...Read More

Moody’s Investors Service upgraded Cyprus’s sovereign credit rating by two notches to B1 on Friday 13 November and placed it on stable outlook, citing the faster than expected economic recovery and the outperformance of fiscal targets. The new rating came on the day international creditors completed the last review of Cyprus’s adjustment programme. “The first...Read More

Cyprus` economy recorded a growth rate of 2.2% in the 3rd quarter of 2015, according to a flash estimate by the Statistical Service of Cyprus. This is the third consecutive quarter of growth after 14 quarters of recession since the third quarter of 2011. GDP growth rate in real terms during the third quarter of...Read More

The Global Forum for Transparency and Exchange of Information for Tax Purposes has upgraded its rating of Cyprus to “overall largely compliant.” The revision from the previous rating of non compliant was approved by the assembly of the Global Forum which convened in Barbados on 29 and 30 October 2015. The assembly approved a supplementary...Read More

Cyprus has no plans to extend the bailout programme when it expires in early 2016, finance minister Harris Georgiades said at The Economist 11th Cyprus Summit in Nicosia on Tuesday, 3 October but nor does it appear that the government will try to exit early. “We shall be completing the support programme early next year...Read More