The Board of Directors of the European Stability Mechanism (ESM) approved Wednesday the disbursement of €100 million to Cyprus. This follows the approval of the updated Memorandum of Understanding (MoU) by the ESM Board of Governors and the positive assessment of the second quarterly review of Cyprus’s macroeconomic adjustment programme. The current disbursement will bring

Central Bank of Cyprus announced Monday that credit institutions are obliged to inform and explain adequately to borrowers experiencing financial difficulties, their rights and obligations during the procedure of management of delays and loan restructuring. According to the Code of Conduct on the Handling of Borrowers facing financial difficulties, the CBC expects and demands all

Cyprus and Greece are the only countries in the Eurozone, which recorded a negative inflation in November. According to figures published Tuesday by Eurostat, the statistical office of the European Union, inflation in Cyprus was down in November to -0.8% (-0.5% in October) while in Greece it was -2.9% (-1.9% in October). Euro area annual

The government of Cyprus is preparing a bill on cohabitation, Government Spokesman Christos Stylianides has said. The Spokesman was speaking Monday at an event during which Cypriot Alecos Modinos, a gay rights activist, was honored. Stylianides said that the government is preparing a bill on cohabitation and will amend the Criminal Code to criminalize homophobic

By spring 2014 will we will know whether there are oil reserves in block 12, Cyprus Minister of Energy, Commerce, Industry and Tourism Giorgos Lakkotrypis said in Brussels. "The estimates on natural gas deposits are being gradually confirmed and consequently one could reasonably say the prospects for oil are good," he said. Noting that Noble

Cyprus is a global maritime power, President Nicos Anastasiades has underlined, while noting the shipping industry’s potential contribution to the national economy. Addressing an event on Monday evening to mark the 50th anniversary of the Cyprus Ship Registry, Anastasiades said that the discovery of natural gas in the exclusive economic zone is creating bigger prospects

Fitch Ratings expects downward pressure on covered bond ratings to ease in 2014 due to the stabilisation of sovereign rating outlooks. However, it said that most covered bond ratings in Cyprus, Greece, Ireland, Italy, Portugal and Spain have a Negative Outlook. “This is despite the easing of the eurozone crisis and the much lower risk

The trade deficit in Cyprus sawa big decrease in the first nine months of 2013, down by 900 mln euros in relation to the corresponding period of 2012, according to the data released by Eurostat. The total value of Cyprus exports during January – September reached 1.1 bln euros, an increase of 10% compared with the