Cyprus employers worry about low productivity

The Employers and Industrialists’ Federation (OEV) has said it is “most concerned” about the low rate of productivity of Cypriot enterprises, which has already been hurt by the limited amount of lending in the market and the high interests rates to finance such lending.
“As we all know, the supervision of the commercial banks is the sole responsibility fo the Central Bank (of Cyprus). We believe there has not been sufficient effort to secure the liquidity in the market and subsequently the reduction of interest rates,” an announcement issued by OEV said.
“The real victims of the financial crisis in Cyprus are the enterprises of the private sector and their workforce, and no one else.
“The leak of Central Bank Governor’s letter and the political argument that arose because of this does not help at all. Quite the contrary, it worsens the feel of disappointment through the politicisation of a non-economic issue,” the OEV announcement added.
“We welcome the Bank of Cyprus’ recent declaration towards the reduction of interest rates and we hope that the rest of the banks and Cooperative Societies will follow their example.”