Finance Minister Makis Keravnos said that the Cypriot banking system back on a healthy trajectory and now constitutes a reliable and stable pillar, ready to support the country’s development efforts.
He added that “this stable image allows banks to perform their pivotal and multifaceted role in the Cypriot economy with even greater effectiveness”.
In his address at the annual general meeting of the Association of Cyprus Banks, Keravnos warned that “although the Cypriot banking system has demonstrated remarkable resilience and progress, it continues to face a constantly evolving and demanding environment.”
“The challenges facing the banking sector are significant and require continuous adaptation, innovation, and investment,” he stressed.
Regarding the Cyprus economy, the Finance Minister noted: “Over the past two years, it has shown remarkable resilience and adaptability, achieving one of the highest growth rates in the Eurozone.”
According to Keravnos, “The overall economic progress, fiscal discipline, and the strengthening of our country’s international credibility also create the right environment for attracting new foreign investments, which are emerging as one of the strongest driving forces of our economy”.
As he said, Cyprus has transformed into an attractive and safe destination for international investors, something confirmed by impressive data, pointing out that financial stability is of critical importance for maintaining a consistent economic development policy.
“And here, the role of the banking system is undoubtedly crucial,” he concluded.
