Cyprus has not processed any passport applications of a foreign investor since January, after freezing procedures pending the approval of tougher criteria regulating the Citizenship for Investment Scheme.

The general government deficit – the balance of income and expenditure – at the end of May came to €528.8 million (or 2.6% of GDP) as a result of the steep decline in tax revenue during the coronavirus-related lockdown.

Cyprus will follow the same three-pronged strategy for the recovery of the local economy that was adopted after the financial crisis of 2013, Finance Minister Costantinos Petrides said on Tuesday.

Profile Software, the international financial solutions provider, announced today that Allica Bank, the bank that empowers small and medium businesses to succeed, has comprehensively implemented Profile’s FMS.next, and RiskAvert to manage their banking and risk management operations. Profile and Allica Bank worked together to speedily deliver the digital banking solutions under challenging timescales.

EY today announced the release of the third-generation zero-knowledge proof (ZKP) blockchain technology to the public domain on the Ethereum public blockchain. The enhancements of the ZKP blockchain technology will help make private transactions on public blockchains more scalable by significantly reducing transaction costs through batching multiple private transfers together in a single transaction.

The new Ministers of Defence, Charalambos Petrides, and Justice and Public Order, Emily Yiolitis, as well as new Attorney General, Giorgos Savvides, and Deputy Attorney General, Savvas Angelides, were sworn in on Monday during ceremonies at the Presidential Palace.

Japan was added to category A, and Serbia to category B, while Bulgaria was dropped from the first to the second group

Dubai carrier Emirates will add another seven routes to its itinerary in July including Cyprus as the emirate continues to ease travel restrictions due to the coronavirus pandemic.

Ryanair announced 2 new routes from Cyprus to the Netherlands and Poland, commencing 3 August as part of its extended summer 2020 schedule.

In June 2020, the recovery of the Economic Sentiment Indicator (ESI), which had tentatively started in May, intensified, according to data released today by DGECFIN, the Directorate General for Economic and Financial Affairs of the European Commission.