Day: October 26, 2021

The reform effort aiming to modernize the economy should continue, Minister of Transport, Communications and Works Yiannis Karousos said on Monday, adding that in the international competitive environment the state and the private sector should further shield the Cypriot economy.

Addressing the annual general meeting of the Limassol Chamber of Commerce and Industry, Karousos said that the economy and the private sector must further modernize through an extended implementation of innovative ideas and technology.

Building, modernising and maintaining a competitive and robust economy requires inter alia the implementation of innovative ideas as well as the continuation of the reform effort under way so that Cyprus would continue to be regarded as a noteworthy international services hub, the Minister added.

Source: Cyprus News Agency

The recently appointed UK Foreign Secretary Liz Truss has reiterated London’s support for a settlement of the Cyprus issue based on the internationally agreed framework of a bizonal, bicommunal federation.

Truss’ first public comment on the Cyprus issue came on Tuesday morning during a foreign policy questions session in the House of Commons.

The Scottish National Party’s MP Alyn Smith said that consistency in international law is vital for credibility and building trust, “none more importantly than in Cyprus where part of the island remains under illegal occupation.

Source: Cyprus News Agency

Non-performing loans (NPLs) decreased by approximately €8 million in July, compared to the previous month, leading to a reduction of the NPLs index to 17.4% of the total loans, from 17.6% at the end of June 2021.

Specifically, according to the data announced on Tuesday by the Central Bank of Cyprus (CBC), at the end of July 2021 the NPLs amounted to €4,979 million, compared to €4,987 million in June 2021.

Contrary, total loans increased to €28,528 million at the end of July 2021, from €28,391 million at the end of June 2021.

Of the total NPLs amounting to €4,979 million, €2,073 million relate to corporate loans, of which €1,712 million are loans of small and medium-size

Source: Cyprus News Agency