Government plans to tackle challenges in the banking system in Cyprus

The government is addressing the capital deficit of the banking system with the due attention and has prepared a comprehensive plan to effectively tackle the challenges in the banking sector, the Ministry of Finance points out in a press release issued today.

According to the Ministry of Finance, the policy of the government, which is in a continuous consultation with the Central Bank of Cyprus, is based on three pillars: to monitor and support the initiatives and efforts of banks to raise private funds, to intervene, if necessary, with a view to enhance financial stability and confidence and to minimize the overall cost to the economy.