We can now be more optimistic about the near future but at the same time must remain vigilant against risks to growth.
CyprusProfile.com asked Association of Cyprus Banks (ACB) Director General, Michael Kammas, which key areas of opportunity or growth he sees in the banking sector, and what his expectations are for Cyprus in 2019.
We are delighted to say that the banking sector is finally leaving behind it the aftermath of the financial crisis in Cyprus. There is a steady reduction of NPLs, while at the same time new legislations, regulations and compliance standards have been adopted, to the benefit of the banking sector as well as the economy. We can now be more optimistic about the near future but at the same time must remain vigilant against risks to growth. Now, more than ever, Cyprus can attract foreign investments, by promoting its beneficial tax regime, highly educated workforce and the implementation of rigorous legal and regulatory standards.