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The sanctions taken against Russia following the latter's invasion of Ukraine do not affect Cyprus to any great extent, whose banking system has no exposure to Russia, Finance Minister Constantinos Petrides told the Cyprus News Agency, adding that there are no Russian Central Bank reserves in Cyprus, which have been frozen.
"The sanctions regarding the EU banking system in Russia do not affect Cyprus to a large extent as Cyprus is one of the countries whose financial system has no exposure to Russia," he said. The Cypriot banking system, he added, "maintains one of the highest levels of capital adequacy and liquidity and there is no reason for any bank in Cyprus to be concerned and besides, the sanctions do not affect the operation of any banks in the EU."
The Cypriot banking system, he added, "maintains one of the highest levels of capital adequacy and liquidity and there is no reason for any bank in Cyprus to be concerned and besides, the sanctions do not affect the operation of any banks in the EU.
He noted that Cyprus and the Central Bank "do not hold reserves of the Central Bank of Russia, which have been frozen through the sanctions."
"We have no exposure and there is no cause for concern," the Finance Minister added.
Asked about this, Mr. Petrides said it was too early to revise macroeconomic forecasts for 2022 as a consequence of the war in Ukraine.
"Undoubtedly there will be some impact which we are currently trying to limit," he said.
[BR][BR]He said the government is proving that it has "quick reflexes" and new flights will soon be announced so that some of the tourism that will be lost will be covered by alternative destinations.
"The key word in terms of the macroeconomic impact is the duration of the crisis, but Cyprus is much less affected than other countries," he said. The macroeconomic impact will also depend on the level of inflationary pressures due to the rise in the price of energy or even grain, something that cannot be accurately predicted at the moment.
At the same time, in response to a question, Mr. Petridis said that the macroeconomic impact will also depend on the level of inflationary pressures due to the rise in the price of energy or even grain, something that cannot be accurately predicted at the moment.
At the same time, in response to a question, Mr. Petridis said that on Friday morning the Economic Advisory Committee will meet in the presence of himself, the Minister of Labour, the Minister of Energy and Trade and the Governor of the CBC, as well as the social partners to review the situation.
"It was deemed appropriate to meet to be informed about the developments and the state of the Cypriot economy, given that we are heading towards the end of the pandemic, but also in relation to the developments in Ukraine and to hear the positions of the social partners," he concluded.
Source: CNA
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