The European Bank for Reconstruction and Development (EBRD) has upgraded its Cyprus real GDP growth forecast to 0.7% in 2015 from an earlier forecast of 0%.

The Central Cooperative Bank (CCB) announced recently it was cutting its rates for agricultural loans by an average 2.0%, in a bid to boost the sector as part of the effort for economic recovery.

The likelihood of left-wing Syriza coming first in the snap Greek elections due on January 25 has again raised the prospect of “Grexit” – Greece’s exit from the eurozone.

The year 2015 is one in which the economy is supposed to return to growth of 0.4% after three consecutive years of decline. This is what the government says, this is what the Troika says and this, plus another percentage point, is what the Central Bank governor says.

Low-cost airline Blue Air has launched its new base of operations in Cyprus, adding seven weekly flights to Athens and three to Thessaloniki.

A meeting chaired by President Nicos Anastasiades was held recently, to review the remaining valid offers in a tender put out by the Natural Gas Public Company (DEFA) for importing gas to be used for local electricity production, for a possible contract worth upwards of €3bn.

The Council of Ministers recently adopted the fourth bill of the insolvency framework.

Emirates has appointed a new Cyprus country manager, Ms Asma Al Rahma, who will be moving to the island after three years managing the airline in Oman.

Banks tightened loan conditions in the third quarter of 2014 according to the latest Bank Lending Survey by the Central Bank of Cyprus.

The cooperative sector has announced it will soon proceed with a 2% reduction in rates for agricultural loans and would reduce rates for housing loans in combination with a reduction in deposit rates.