Challenges ahead for banking sector

The banking sector faces multiple challenges ranging from the large percentage of non-performing loans (NPLs) to climate change; despite progress made, speakers told the Association of Cyprus Banks AGM. Finance Minister Constantinos

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Cyprus has to get EU resilience plan right

Implementing the EU-backed €1.2 bln Recovery and Resilience plan successfully is important for public finances while boosting the island’s growth prospects, said Finance Minister Constantinos Petrides. Speaking before the House Finance Committee

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Cyprus Q2 GDP growth spikes 12.9%

The annual seasonally adjusted GDP growth rate is estimated at 12.9% for the second quarter of 2021, a huge improvement on the 2.1% shrinkage in the previous three months. It is the first

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Fitch warns of Cyprus banks risk

Fitch rating agency reaffirmed Cypriot banks’ negative outlook noting the general environment poses threats to their balance sheets. In a report on the Cyprus banks, the agency notes that while they are

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Cyprus fourth in EU defence spending

Cyprus ranked fourth among EU member states when it comes to military expenditure in 2019, after Estonia, Greece and Latvia. According to figures published on Friday by Eurostat, €168.5 bln was spent

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