Cyprus is facing the consequences of the escalation of the war between the United States, Israel and Iran from a position of economic strength, according to a message from the Governor of the Central Bank of Cyprus, Christodoulos Patsalides.
His message in full follows:
"Cyprus is facing this situation from a position of economic strength. The Cypriot economy is based on sound fundamentals, a solid fiscal base and a resilient banking system with high capital adequacy and strong liquidity, which strengthens its ability to absorb potential external shocks.
In the euro area, the sharp rise in energy prices is being closely monitored and assessed. The Governing Council of the European Central Bank determines the appropriate stance of monetary policy from meeting to meeting, based on the latest data and forecasts, aiming to maintain inflation at 2% over the medium term."
