Georghadji Evaluates Banking Sector Progress

16:02 - 29 Φεβρουαρίου 2016

GoldNews

Governor of the Central Bank of Cyprus (CBC) Chrystalla Georghadji has revealed her optimism in regards to the progress of both the local economy and the banking sector as the island moves closer to completing its three-year economic adjustment programme, which expires in March.

Georghadji, who is a board member of both the CBC and the European Central Bank (ECB) has reported the first signs of a reduction in the high stock of non-performing loans, adding that the improvement of the marcroeconomic environment will, in turn, contribute to a further reduction in NPLs.

Following the near-collapse of the island’s economy in 2013, the Cypriot Government agreed to a €10 billion bailout with its Troika of international lenders, comprising the European Central Bank, European Commission and International Monetary Fund. The accompanying economic adjustment programme featured harsh austerity measures, capital controls as well as a haircut on uninsured deposits exceeding €100,000 in the island’s then-largest lender.

Georghadji Evaluates Banking Sector Progress

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