Cyprus is vetting a cryptocurrency “umbrella” bill in a bid to establish the Mediterranean nation as a premier destination for digital asset innovators and companies.

Demand for home and car loans in Cyprus was suppressed in May compared to March and early April and this is attributed to the ongoing growing inflation and rising costs.

The House of Representatives on Thursday greenlit the state’s first supplementary budget for fiscal year 2022, amid criticism that the government keeps wasting taxpayer money on mass rapid tests for Covid while skimping on aid to farmers hit hard by soaring animal feed and fertiliser costs.

Hospitality is the driving force behind the economy’s 5.6% GDP growth in the first quarter of the year, as other sectors struggle to recover following two years of COVID restrictions.

The number of unemployed persons, registered at the District Labour Offices registered a steep drop in May declining to 10,586 persons, marking an annual reduction of 66.2%.

Cypriot banks granted 50% fewer loans this month in comparison to last month due to a sizeable reduction in new housing loans.

Approximately 885,000 passengers traveled to and from Larnaca and Paphos airports in May, 634,000 more than in the corresponding period of 2021.

Cyprus growth is hindered by the Ukraine war fallout, but partial recovery in exports and private consumption will see a 2% GDP rise in 2022, the International Monetary Fund forecasts.

Cyprus is witnessing the highest inflation rate recorded in four decades, with May equalling the 9.1% registered in February 1982.

Cyprus has the means to become a destination that respects the environment by reducing plastic waste, with 38% of the island’s habitat protected, said Tourism Minister Savvas Perdios.