Cyprus needs to maintain its reforms momentum in the public sector, reduce NPLs, and ensure labour market flexibility to strengthen its long-term growth potential and attractiveness as an investment destination, the annual European Stability Mechanism (ESM) report said recently.

Ancoria Bank has launched operations with two branches, in Nicosia and in Limassol, a total staff of 60 and an initial capital of €50m, the lender’s chief executive officer said.

The number of tourist arrivals rose in May 2016 by 19% to 364,943 compared with the respective month of 2015, mainly on a strong rise from several of Cyprus’ major sources of incoming tourism, the statistical service said.

The cabinet has agreed on a National Investment Fund to be established to handle future revenue from the management of natural gas resources, said Finance Minister Harris Georgiades recently.

The number of job vacancies in Cyprus dropped year on year in the first quarter of 2016 but the overall job vacancy rate was stable.

Cablenet, the Number 2 provider of triple play services and second biggest broadband provider in Cyprus, plans to introduce mobile service by the end of the year, transforming it into a quad play company.

Nicosia is aiming to put in place a State Secretariat for Development, with the main goal being to fast track licensing for large investments in the Cypriot economy.

The Cyprus business environment has been a site of constant changes this past decade, with a large number of mergers and acquisitions having taken place.

Seasonally adjusted GDP rose in Cyprus by +0.9% on a quarterly basis in the first quarter of 2016 and by +2.7% on an annual basis, according to an estimate published by Eurostat, the statistical office of the European Union.

Cyprus had €3.630 billion worth of exports outside the EU in 2015 of which €329 million to the USA, €142 million to Switzerland, €31 million to China, €10 million to Japan, €1.346 billion to Russia, €38 million to Canada, €9 to India, €2 Brazil and €4 to Hong Kong, according to Eurostat.