DBRS: Banks slash toxic loan legacy

DBRS Morningstar rating agency reports that Cypriot banks substantially accelerated the reduction of their legacy NPEs in 2020, dropping by 10 percentage points. It noted that NPEs not provisioned for reached their

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Economy to grow at moderate pace

The Cypriot economy will recover in 2021, albeit at a more moderate pace than the previous projections due to lockdown measures in January and April, the Cyprus Central Bank forecasts. The projections

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Cyprus economic growth surrounded by risks

Cyprus’ economy is forecast to grow by 3.1% GDP in 2021, but the European Commission warned the country’s fiscal outlook is surrounded by substantial risks in its post-bailout surveillance report. “The fiscal outlook

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The post-pandemic economy

The Cypriot economy is no stranger to economic downturns. Less than a decade ago, it faced an almost existential threat. Two of its biggest banks went down. Money became so scarce it

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