In March 2024, Cyprus residents’ bank deposits saw a significant surge of €318.5 million, indicating growing confidence in the local banking sector and a trend of financial stability. This rise, contributed by households, corporations, and various domestic sectors, reflects a broader economic upswing and trust in Cyprus’s financial institutions.
Bank of Cyprus has issued a groundbreaking €300 million green bond to fund environmental projects like energy efficiency and renewable energy. This move reflects a global shift towards sustainable finance, strengthening both Cyprus’s economy and the bank’s financial stability.
Addressing the interest rate disparity in Cyprus is crucial for economic stability and growth, as highlighted by the Central Bank’s governor, Christodoulos Patsalides. With a focus on bridging the gap between lending and deposit rates, Cyprus aims to strengthen its financial resilience and foster a more balanced economic environment.
The future of the Social Insurance Fund looks bright, with no need to raise the retirement age for stability. The International Labour Organisation’s study confirms the fund’s robust state and adequate reserves to meet pension expenses, ensuring a secure future for retirees in Cyprus.
The Memorandum of Cooperation between the Central Bank of Cyprus and the Bank of Greece is a significant step towards financial collaboration and stability, focusing on mutual growth and knowledge exchange. This partnership sets a precedent for future central bank alliances, emphasizing the importance of addressing emerging financial challenges together.
The MortgagetoRent (MtR) scheme is a voluntary program that helps homeowners with mortgage arrears by transferring property ownership to their lender for five years, allowing them to stay as tenants in a 14year rental agreement with Kedipes. The scheme, awaiting parliamentary approval, is part of a comprehensive package of measures targeting nonperforming loans and aims to provide immediate relief and longterm economic resilience for vulnerable homeowners.
