Capital Intelligence, the Limassol-based rating company, said that it affirmed Cyprus’ B+ long-term foreign currency sovereign rating, maintaining their positive outlook threatened by substantial risks.

Energy Minister Yiorgos Lakkotrypis and Egypt’s minister of Mineral Resources Tarek El Molla recently signed an agreement for the transport of Cypriot natural gas to offshore and onshore installations in Egypt.

Cyprus’ major banks reduced their overall stock of NPLs in June 2016 by almost €1.9bn, or 7.8%, in the first six months of 2016 to €22.3bn, according to an analysis of bank data.

Cyprus’ consumer price index fell in August 2016 0.4% compared with the respective month of 2015, following an annual deflation rate of 0.2% in July, the statistical service said recently.

Unemployment in Cyprus continues to decline from 11.8% in June 2016 to 11.6% in July of the same year, according to Eurostat – which translates to 1,000 fewer persons being unemployed.

Cyprus’ revenue from tourism rose 16% year-on-year in June, to €301m, boosted by an almost 23% annual increase in arrivals, the statistical service said recently.

Eurobank Cyprus Ltd said that it generated an after-tax profit of €20.1m in the first half of 2016, compared to a profit of €39.1m in January to December 2015.

The Cyprus government has approved a bill providing for the establishment of a state-owned private company to offer aeronautical services, opening a new page in the field of air traffic control, Minister of Transport, Communication and Works Marios Demetriades said recently.

The state-owned Cooperative Central Bank said that it generated an after tax profit of €55m in the first six months of 2016 compared to €46.7m in the respective period of 2015.

Cyprus’ government had at the end of July 2016 almost €1.9bn deposited at the Central Bank of Cyprus, up from €976.4m the month before, the bank said.