The Cyprus Tourism Organisation (CTO) has noted an increase in the number of Swiss flights to Cyprus bodes well for tourism arrivals from that country.

The Cooperative Central Bank (CCB) is raising its non-performing loans coverage ratio to 50%, accumulating a total of €3.42 billion in provisions against its NPL stock that amounts to €6.84 billion.

Card transactions recorded a significant increase in October 2015, according to new data released recently.

The government’s fiscal surplus in July to September 2015 fell to €132m, 39% below the respective figure of 2014, mainly on reduced revenue, the statistical service said recently.

Cyprus’ economy grew an annual 2.3% and a seasonally adjusted 2.2% in the third quarter 2015, the statistical service said recently.

A business and investment service centre will begin operations in June 2016.

State-owned power producer Electricity Authority of Cyprus (EAC) said the re-measurement of its pension-plan obligations generated a €244.3m gap, which more than offset a €42m profit it generated in 2014.

Parliament recently gave the nod to a bill governing the sale of loans by banks to third parties – passage of which was a precondition for the release of the last aid tranche to Cyprus.

The government sold a total of €50m in 30-day treasury bills at an average yield of 0.51% on 10 November 2015, the public debt management office said.

The total area of construction projects which received a building permit in January to August 2015 rose 17% to 589,029 square meters compared to a year before, outstripped by a 22% increase in the respective value which rose to €685.7m, the statistical service said.