news | 05 June 2020 | ServPRO

Cyprus Minister of Finance: Market Sentiment Looking Up

After a meeting at Cyprus’s Presidential Palace earlier this week between President Nicos Anastasiades and representatives of several financial institutions, the President was assured that the government’s measures to boost the economy will be fast tracked.

Finance Minister of Cyprus, Constantinos Petrides, also reported that market sentiment is looking up saying that: “We have every right to be truly optimistic that we will come out winners from this crisis as well.”

“We’ve moved into the second phase, into the phase of recovery, and the government along with the banking sector will contribute with the means they possess toward this direction,” the FinMin said, also adding that market sentiment is positively changing.

Mr. Petrides noted that: “The interest rate subsidy scheme is very important, both for the business community but also for new couples wanting to take out loans,” further adding that banks will assert their own efforts to fast track these procedures to support the local economy.

Due to good money management over the years, the Finance Minister is optimistic that Cyprus economy is picking up speed, saying that: “The first signs after the partial lifting of restrictions are very positive as regards the market and the labour market, and the development of recent years has given the economy and the private sector the stamina that will allow it to overcome the current situation.”

According to the President of the Association of Cyprus Banks Ioannis Matsis (Hellenic Bank CEO), the banks are willing and able to pitch in and noted that Cyprus economy is doing better than what April estimations expected. He also confirmed that banks have the liquidity and capital required to support the economy through the measures announced by the government.

“We consider the measures very effective, including measures seeking to boost lending, to subsidize interest rates, and to provide government guarantees to the European Investment Bank, which we believe will boost banks’ ability to lend,” Matsis said.

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