President and Banks Association discuss economy, dialogue with USA and digital transformation

07:38 - 21 June 2024

Financial Services Reporter

The positive course of the Cypriot economy, the successful issuance of a 7-year bond, the start of a strategic dialogue with the USA, as well as digital transformation and green transition, were the focus of a meeting held at the Presidential Palace between President of the Republic Nikos Christodoulides and large delegation of the Association of Cyprus Banks.

According to CNA sources, during this third meeting since President Christodoulides assumed office, it was stressed that the Cypriot economy is performing "very well", as demonstrated by the recent upgrades from international rating agencies which stressed that the bank's image is improving.

At the 20 June meeting, it was also noted that this "positive path" of the Cypriot economy was also demonstrated by the issuance by the Republic of Cyprus on June 19 of the 7-year bond, of 1 billion euro, which was "particularly successful", with offers reaching 9.6 billion euro.

In addition, CNA has learnt that among the issues discussed was the digital transformation, due to the bureaucracy of the public sector, but also the green transition as the effects of climate change become apparent every day, with the high summer temperatures and the fires that break out.

Moreover, the meeting highlighted "the very important" agreement between Cyprus and the US to start a strategic dialogue. It was noted that Cyprus is the only non-NATO country to sign this agreement, which "will pave the way for direct American investment".

Head of the Association of Cyprus Banks was the new President of the Board of Directors, Aristidis Vourakis, Chief Executive Officer of Astrobank Ltd.

(Source: CNA)

President and Banks Association discuss economy, dialogue with USA and digital transformation

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