Hiking interest rates are prompting Cypriot households to have second thoughts over borrowing money to buy their dream home as demand for mortgages declines rapidly, according to the Central Bank of Cyprus.
Despite pressure from local and European Union monetary authorities, Cypriot banks appear reluctant to substantially increase deposit rates, among the lowest in the bloc. Reportedly, the island’s banks are ready to increase
Governor of the Central Bank of Cyprus (CBC) Constantinos Herodotou revealed that the markets are concerned that the problem with some European banks could evolve into something bigger. But he said the
The Central Bank is concerned over a possible rise in non-performing loans following a series of increases in interest rates, as it calls on banking institutions to take pre-emptive measures. Cyprus Central
Cypriot banks are under pressure from EU authorities, as the latest data from the European Central Bank shows they offer their customers the lowest savings rates in the eurozone. Finance Ministry sources
Moody’s Investors Service has downgraded the long-term bank deposit ratings of five Egyptian banks by one notch, following the downgrade on Tuesday of the government’s issuer rating to B3 ‘stable’ from B2
The European Central Bank has launched its EU-wide banking stress tests for 2023, with baseline assumptions for Cyprus providing for 2.5% GDP growth, followed by 3.1% for 2024 and 2025. ECB supervisors
Cypriot banks enter the cycle of uncertainty created by the war in Ukraine in a strong position, said Andrea Enria, President of the European Central Bank Supervisory Council. He called for vigilance
Over the last three years, Cyprus banks had struggled to deal with their past and unload non-performing loans from their balance sheets when governments were fighting the worst pandemic in a century.
Economists are confident the island’s economy and banking system will not be impacted by a rise in interest rates in the Eurozone, despite warnings by the European Central Bank. In its latest
