Bank of Cyprus (BoC) is close to shedding its Russian subsidiary Uniastrum, according to bank sources, with St Petersburg-based Baltinvestbank the frontrunner according to reports in the Russian press.

The Central Bank of Cyprus has begun purchases of Cypriot government bonds in the context of the European Central Bank Quantitative Easing Programme (QE), CBC Spokeswoman Aliki Stylianou said recently.

Bank of Cyprus announced recently that JEREMIE-III, the current phase of its lending scheme for small to medium sized enterprises (SMEs), expires on September 15, 2015, having already allocated €31 mln to 460 corporate borrowers.

Commerce Minister Giorgos Lakkotrypis has pledged that once the casino bill, which is due to be voted on shortly, is passed, the government would invite tenders within a month.

Positive signs with regard to tourism in the Famagusta area are coming from the British market, Ayia Napa mayor Yiannis Karousos said recently.

The number of property transactions island-wide reported in June 2015 to authorities rose 15% to 464 compared to the respective month of 2014, the department of lands and surveys said.

Government Spokesman Nikos Christodoulides has said that the Greek people’s verdict in the recent referendum is fully respected.

The impact on public revenues of the simplification of property tax announced by president Nicos Anastasiades is expected to be as high as €21m a year, Finance Minister Harris Georgiades says.

The European Stability Mechanism (ESM) has approved the disbursement of €100m to Cyprus, following the positive assessment of the sixth quarterly review of the macroeconomic adjustment programme.

The value of all Greek exports to Cyprus in 2014 increased by around 7.8% compared with 2013, from €1.12 to €1.21 billion, according to the Cyprus Statistical Office.