The European Central Bank has called on European banks with high NPEs to submit documents describing their strategy to bring down their non-performing loans.

The Cyprus economy may be demonstrating positive growth rates, but the persisting high levels of public debt and non-performing loans (NPLs) must be addressed, the Chamber of Commerce has said.

Hellas Direct, a next-generation insurance company, has teamed up with Bazaraki.com, the leading e-commerce online platform in Cyprus.

Despite its strong growth, the Cypriot economy still has key vulnerabilities, like the high level of bad debts, which could be compounded by the worsening external environment, EU officials said recently.

Cyprus has the second highest emigration rate in the EU, and the third highest immigration rate, according to a newly published Eurostat report.

Fitch Ratings has upgraded Hellenic Bank Long-Term Issuer Default Rating to ‘B+’ from ‘B’, the credit rating agency said recently.

Financial crime is a fast-growing concern nowadays, for both individuals and companies. Financial and investment firms, as well as their directors and officers, may be found liable for a client’s financial loss due to negligence or fraudulent wrongdoing and regulatory violations.

Cyprus registered the EU’s highest decline in consumer credit and mortgage lending in January 2019, contracting 27.4% and 21.9%, respectively, DBRS said in its latest edition of the Macroeconomic Update for Europe.

Technocrats from the European Commission, the European Central Bank and the International Monetary Fund (IMF) are back on the island for their sixth post-programme surveillance (PPS) mission.

Cyprus has been ranked 49th on the list of the world’s happiest countries, far higher than previous years, according to the latest World Happiness Report published recently.