ECB Vice-President praises economic progress

Visiting European Central Bank (ECB), Vice-President Luis de Guindos commended Cyprus’ remarkable economic improvement and the recent upgrade of its economy by two rating agencies.

After meeting with Cyprus Central Bank Governor Constantinos Herodotou in Nicosia, the two officials highlighted the strengthening collaboration between Cyprus and the ECB.

Herodotou expressed his gratitude for de Guindos’ visit, underlining its significance as a testament to the close relationship between the ECB and the national central bank.

The governor also praised the invaluable platform this visit provided to discuss broader Eurozone dynamics and the recent progress and challenges of Cyprus’ economy.

“Our dialogue, deeply rooted in the current financial landscapes and forward-looking strategies, was both insightful and productive.

“The ECB has been proactive in navigating the Eurozone through consecutive challenges, including tackling the high inflation rate,” said Herodotou.

Vice-President Luis de Guindos expressed his delight at being in Cyprus, pointing out the two institutions’ close collaboration.

“Recently, we have seen two rating agencies upgrading Cyprus’ ratings, which is very positive news.

“It’s a clear indication of the improvements in both the economy and the banking industry in Cyprus,” noted de Guindos.

He also commended Herodotou’s valuable contributions to the Governing Council of the ECB, saying he was bringing a productive and cooperative perspective to their discussions.