Positive Developments for Cyprus Economy

It has been over 1 year since the bailout of Cyprus and the ‘haircut’ of the deposits. Cyprus has since then impressed Troika and the world by meeting and exceeding all expectations.

Recent positive developments include:

1. The return of Cyprus in the markets last June with a 5- year 750 Million Euros Eurobond.

2. Both Hellenic Bank and Bank of Cyprus have been upgraded by Fitch Ratings.

3. Domestic capital restrictions have all been lifted last May and it is expected that within the next 6 months all capital restrictions will be lifted.

4. Property sales to foreign citizens have increased by 6.8% in the first quarter of 2014

All these and other developments suggest that the Cyprus economy is recovering and our international reputation as a financial centre is being restored.