President and Central Bank Governor agree Cypriot banking system is resilient

07:37 - 21 March 2023

Current Affairs

President Nikos Christodoulides and Central Bank of Cyprus Governor Constantinos Herodotou agreed that Cyprus’ banking system is resilient, in light of Credit Suisse’s collapse.

According to an announcement by the Presidency, the two met late Monday and decided to hold regular meetings to exchange views. They also expressed their satisfaction with the actions taken by the Swiss authorities to ensure global financial stability following developments with Credit Suisse bank.

They discussed current international developments in the banking sector, while in terms of Cyprus banks, the common understanding was that the banking system is resilient and able to continue supporting the real economy, said the announcement.

It added that Cypriot banks currently have significant capital adequacy and liquidity and this is also due to prudent policy and successful management of the various important challenges in the sector in recent years.

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