The Consumer Price Index for May 2015 recorded an increase of 0.34 units or 0.29%, reaching 115.68 units compared to 115.34 in April of the same year.

The Ministry of Finance has notified the Bank of Cyprus that the government will repay €750 mln towards a €1.9 bln bond held by the bank issued for the recapitalisation of Laiki Popular Bank that was transferred to Bank of Cyprus in March 2013, following the acquisition of certain assets and liabilities of Laiki.

Cyprus is trying to strike a deal with China East Airlines to launch direct flights between Shanghai and Larnaca, an initiative taken by the local municipality.

Interest rates for new housing and business loans exceeding €1m in the Cypriot banking system dropped to 3.68% and 3.8% respectively in April 2015, from 3.76% and 4.28% the month before, which are both historical lows, the Central Bank of Cyprus said recently.

Finance Minister Harris Georgiades recently tried to allay fears of austerity until 2018, following publication of publication of the government’s Fiscal Policy Strategic Framework 2016-2018, which highlighted a planned freeze on government spending over the next three years, as well as a capped budgets for ministries.

The IMF is set to approve a disbursement of €280m to Cyprus at its next board meeting on June 19, 2015.

Noble Energy, Delek Drilling and Avner Oil Exploration, holders of a License for the exploration of hydrocarbons in Block 12 of Cyprus’ EEZ, have declared the commerciality of the Aphrodite natural gas field.

The Cyprus government has welcomed Delek’s recent announcement to the Tel Aviv Stock Exchange that it had begun preliminary negotiations with Noble Energy for the acquisition of 19.9% of Noble’s share in Block 12 offshore Cyprus.

Greek industrial group Mytilineos and the country’s second-biggest oil refiner Motor Oil have submitted a binding bid to supply natural gas to Cyprus’ state gas company (DEFA), Mytilineos said recently.

Cyprus from an example to avoid has become an example to follow, Pierre Moscovici, EU Commissioner for Economic and Financial Affairs, Taxation and Customs Union said in an interview with CNA, adding that the Cypriot economy has made remarkable progress following two years of an adjustment programme.