Cyprus’ President Nicos Anastasiades appeared confident yesterday that despite the delay in concluding the fifth economic review due to the Parliament’s suspension of the controversial foreclosures bill, the country remains on track of its adjustment program. “We remain committed to the implementation of the program, which provides for the institutional establishment of those tools that will allow the banking system to operate properly and remain sound. We will continue this difficult and demanding effort that bears fruit,” he stressed while addressing the Limassol Co-operative Savings Society administration offices inauguration ceremony.
Furthermore, the President of the Republic of Cyprus appeared satisfied with the Co-op’s recent initiatives to reduce loan interest rates, in what is seen as a positive move toward the encouragement of competition, while easing the financial burdens on households and businesses.
“We are determined to proceed with the implementation of a series of bold amendments, aiming at further developing international competitiveness in our country and establishing a positive and friendly environment for businesses and investments that in turn will create more jobs, something which is a priority of our economic policy,” Anastasiades highlighted, noting that the economy is on a recovery track. “Cyprus returned to the international markets much earlier than predicted even by the most optimistic analysts, and our international creditors have recognized the continuous improvements in our economy,” he added.
Cyprus’ Co-operative Credit Institutions hold 30% of the country’s loans and 44% of deposits, proving the respect of the local society to the Co-operative Movement.
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